<SEC-DOCUMENT>0001144204-15-040455.txt : 20150701
<SEC-HEADER>0001144204-15-040455.hdr.sgml : 20150701
<ACCEPTANCE-DATETIME>20150701171601
ACCESSION NUMBER:		0001144204-15-040455
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20150701
DATE AS OF CHANGE:		20150701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MARCUS CORP
		CENTRAL INDEX KEY:			0000062234
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MOTION PICTURE THEATERS [7830]
		IRS NUMBER:				391139844
		STATE OF INCORPORATION:			WI
		FISCAL YEAR END:			0527

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-11221
		FILM NUMBER:		15966084

	BUSINESS ADDRESS:	
		STREET 1:		100 EAST WISCONSIN AVENUE
		STREET 2:		SUITE 1900
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202-4125
		BUSINESS PHONE:		4142726020

	MAIL ADDRESS:	
		STREET 1:		100 EAST WISCONSIN AVENUE
		STREET 2:		SUITE 1900
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202-4125
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>v414615_424b3.htm
<DESCRIPTION>424B3
<TEXT>
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<P STYLE="margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt; text-decoration: underline"><B><U>Prospectus</U></B></TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: right">Filed Pursuant to Rule 424(b)(3)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">Registration No. 333-11221</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE MARCUS CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Dividend Reinvestment and</B><BR>
<B>Associate Stock Purchase Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>750,000 Shares of Common Stock, $1 Par
Value</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Marcus Corporation
(the &ldquo;Company&rdquo;) is offering to its shareholders and associates and the associates of its subsidiaries and covered affiliates,
the opportunity to purchase shares of the Company&rsquo;s Common Stock, $1 par value (the &ldquo;Common Stock&rdquo;), by reinvesting
dividends and/or by making optional cash investments pursuant to The Marcus Corporation Dividend Reinvestment and Associate Stock
Purchase Plan (the &ldquo;Plan&rdquo;). Eligible shareholders under the Plan may reinvest all or a portion of their cash dividends
in shares of Common Stock as well as make optional cash investments of $100 or more per investment in Common Stock up to a total
of $1,500 per calendar month. Eligible associates under the Plan may make optional cash investments, including payroll deductions,
of $10 or more per investment in Common Stock. In addition, dividends on all shares acquired and held in the accounts of participants
under the Plan will be automatically reinvested in additional shares of Common Stock. The term &ldquo;associates&rdquo; as used
herein refers to employees of the Company and its subsidiaries and covered affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Common Stock is traded
on the New York Stock Exchange under the symbol &ldquo;MCS.&rdquo; On June 30, 2015, the last reported sale price of the Common
Stock on the New York Stock Exchange was $19.18 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Plan provides that
shares of Common Stock may be purchased for participants from the Company or in the open market or in privately negotiated transactions.
The price of newly issued shares purchased from the Company will be the average (computed to three decimal places) of the high
and low prices of shares of Common Stock on the New York Stock Exchange on the date of purchase. The price of shares of Common
Stock purchased for participants on the open market or in privately negotiated transactions will be the weighted average of the
prices paid for such shares. No brokerage commissions, fees or service charges will be incurred by participants in connection with
purchases of shares under the Plan (whether from the Company or on the open market or in privately negotiated transactions) or
for participating in the Plan. For a detailed summary of the Plan, see &ldquo;The Plan.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The Company suggests
that this Prospectus be retained for future reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed
upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this Prospectus is July 1, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TABLE OF CONTENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 90%; text-align: justify; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-decoration: underline; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U STYLE="text-decoration: none">Page</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: blue">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: blue">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_001">Available Information</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_002">Incorporation of Certain Documents by Reference</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_003">The Company</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_004">Use of Proceeds</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_005">The Plan</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_006">Purpose</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_007">Administration of the Plan</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_008">Advantages of Participating in the Plan</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_009">Participation by Shareholders of Record</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_011">Participation by Associates</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_012">Optional Cash Investments</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">6</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_013">Costs and Expenses</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">8</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_014">Purchase of Shares</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">9</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_015">Share Purchase Prices</A></FONT></TD>
    <TD STYLE="text-align: right">10</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_016">Reports to Participants</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">10</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-align: justify"><A HREF="#a_025">Sale of Shares</A></TD>
    <TD STYLE="text-align: right">10</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_018">Withdrawal from the Plan</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">12</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_019">Certificates for Shares</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">13</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_020">General Information</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">13</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_021">Federal Income Tax Considerations</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">14</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_022">Legal Matters</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">18</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_023">Experts</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">18</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_024">Contact Information</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">19</FONT></TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">No person has been authorized
to give any information or to make any representations, other than those contained or incorporated by reference in this Prospectus,
in connection with the offer made by this Prospectus and, if given or made, such information or representations must not be relied
upon as having been authorized by the Company. This Prospectus does not constitute an offer to sell or a solicitation of an offer
to buy any security in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction.
Neither the delivery of this Prospectus nor any sale made hereunder shall under any circumstances imply that there has been no
change in the affairs of the Company since the date hereof or that the information contained herein or incorporated by reference
herein is correct as of any time subsequent to its date.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_001"></A>Available
Information</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Company is subject
to the informational requirements of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), and in accordance
therewith files reports and other information with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;). Copies
of reports, proxy statements and other information filed by the Company are available on the Commission&rsquo;s web site, which
is <I>www.sec.gov</I>, and through a link on the Company&rsquo;s web site located at <I>www.marcuscorp.com</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Company has filed
with the Commission a Registration Statement on Form S-3 (together with all amendments and exhibits thereto referred to herein
as the &ldquo;Registration Statement&rdquo;) under the Securities Act of 1933 with respect to the Common Stock offered hereby.
You may read and copy the Registration Statement and any other document that we file at the SEC&rsquo;s public reference room at
100 F Street, N.E., Washington D.C. 20549. You can call the SEC at 1-800-SEC-0330 for further information on the operation of the
public reference room. Copies of the Registration Statement are also available on the Commission&rsquo;s web site. This Prospectus
does not contain all of the information set forth in the Registration Statement, certain parts of which have been omitted in accordance
with the rules and regulations of the Commission. For further information, including information relating to the Company and the
Common Stock, reference is hereby made to the Registration Statement and the exhibits filed as a part thereof or incorporated by
reference therein, which are available on the Commission&rsquo;s web site.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Statements contained
in this Prospectus as to the contents of any contract or other document are not necessarily complete and, where the contract or
the document has been filed or incorporated by reference as an exhibit to the Registration Statement, each such statement is qualified
in all respects by reference to the applicable document filed with the Commission.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_002"></A>Incorporation
of Certain Documents by Reference</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The following documents
filed by the Company with the Commission under the Exchange Act are incorporated in this Prospectus by reference and made a part
hereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">The Company&rsquo;s Annual Report on Form 10-K for the fiscal year ended May 29, 2014, which contains
audited financial statements for the Company&rsquo;s fiscal year ended May 29, 2014.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">The Company&rsquo;s Quarterly Reports on Form 10-Q for the three months ended August 28, 2014,
November 27, 2014 and February 26, 2015.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">The Company&rsquo;s Current Reports on Form 8-K dated October 1, 2014 and January 6, 2015.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">The description of the Common Stock contained in the Company&rsquo;s Registration Statement on
Form 8-A, dated November 18, 1993.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">All documents subsequently
filed by the Company pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, after the date of this Prospectus and
prior to the termination of this offering, shall be deemed to be incorporated in this Prospectus by reference and to be a part
hereof. Any statement contained in a document incorporated or deemed to be incorporated by reference in this Prospectus shall be
deemed to be modified or superseded for purposes of this Prospectus to the extent that a statement contained in this Prospectus
or in any other subsequently filed document which also is or is deemed to be incorporated by reference in this Prospectus modifies
or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of this Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Company will provide
without charge to each person to whom this Prospectus is delivered, upon written or oral request of such person, a copy of all
of the information that has been incorporated in this Prospectus by reference (other than certain exhibits to documents incorporated
by reference). Such requests should be directed to Thomas F. Kissinger, Senior Executive Vice President, General Counsel and Secretary,
The Marcus Corporation, 100 East Wisconsin Avenue, Suite 1900, Milwaukee, Wisconsin 53202, telephone: (414) 905-1000.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_003"></A>The Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Company is engaged
in operating two business segments: movie theatres and hotels and resorts. The Company&rsquo;s movie theatre operations include
owned and/or operated theatres. The Company&rsquo;s hotel and resort operations include owned and managed full service hotels and
full-facility destination resorts.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_004"></A>Use of Proceeds</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Company has no basis
for estimating either the number of authorized but unissued shares of Common Stock that will ultimately be sold by the Company
pursuant to the Plan or the prices at which such shares will be sold. Any net proceeds received by the Company from the sale of
shares under the Plan will be added to the Company&rsquo;s general funds and used for general corporate purposes. The Company will
not receive any proceeds from the sale of shares under the Plan which are acquired on the open market or in privately negotiated
transactions.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_005"></A>The Plan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>The following is a
summary of the provisions of the Plan. This summary is subject to, and qualified by, the complete terms of the Plan to which reference
is hereby made. This summary is not part of the legal documents constituting the Plan and does not modify the Plan or serve as
a legal interpretation of any of its provisions</I>.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_006"></A>Purpose</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The purpose of the Plan
is to provide shareholders of record of the Common Stock of the Company and eligible associates of the Company and its subsidiaries
and covered affiliates with a simple and convenient method of purchasing shares of Common Stock. Once enrolled in the Plan, eligible
shareholders may use cash dividends and/or make optional cash investments to acquire additional shares of Common Stock without
incurring purchase fees, such as brokerage commissions or service charges. Eligible associates may use optional cash investments,
including payroll deductions, to acquire shares of Common Stock without incurring purchase fees.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_007"></A>Administration of the Plan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Wells Fargo Shareowner
Services, a division of Wells Fargo Bank, N.A. (&ldquo;Wells Fargo&rdquo;), has been appointed by the Company as its agent to administer
the Plan, maintain records, send statements of account to participants and perform other duties relating to the Plan, subject to
the direction of the Company. Wells Fargo will hold for safekeeping the shares of Common Stock acquired under the Plan for each
participant until termination of participation in the Plan or receipt of a request in writing from a participant for all or part
of his or her Plan shares. Shares held by Wells Fargo will be registered in the name of Wells Fargo or one of its nominees, as
Plan Administrator for the Plan. The Company acting through its Board of Directors may, at any time and in its sole discretion,
appoint a successor administrator of the Plan upon 60 days&rsquo; written notice to Wells Fargo.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_008"></A>Advantages of Participating in the Plan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Participants in the Plan
who are shareholders of record of Common Stock may:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Marlett">h</FONT></TD><TD STYLE="text-align: justify">Automatically reinvest dividends on all or a portion of their shares of Common Stock held of record
in additional shares of Common Stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Marlett">h</FONT></TD><TD STYLE="text-align: justify">Invest additional cash (in amounts of not less than $100 per investment, up to a maximum of $1,500
per calendar month) to purchase additional shares of Common Stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Participants in the Plan
who are eligible associates may:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Marlett">h</FONT></TD><TD STYLE="text-align: justify">Invest cash (in amounts of not less than $10 per investment) to purchase additional shares of Common
Stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Marlett">h</FONT></TD><TD STYLE="text-align: justify">Establish a periodic investment plan by authorizing automatic after-tax payroll deductions (in
amounts of not less than $10 per pay period) to purchase additional shares of Common Stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">All participants in the
Plan will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Marlett">h</FONT></TD><TD STYLE="text-align: justify">Have cash dividends on shares credited to their Plan accounts automatically reinvested in additional
shares of Common Stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Marlett">h</FONT></TD><TD STYLE="text-align: justify">Participate without incurring fees in connection with purchases of additional shares of Common
Stock under the Plan, including brokerage commissions or service charges.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Marlett">h</FONT></TD><TD STYLE="text-align: justify">Benefit from full investment of funds under the Plan because fractional shares, as well as whole
shares, will be credited to their accounts; dividends on such fractional shares, as well as on whole shares, will be reinvested
in additional shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Marlett">h</FONT></TD><TD STYLE="text-align: justify">Avoid the need for safekeeping of certificates for shares of Common Stock credited to their accounts
under the Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Marlett">h</FONT></TD><TD STYLE="text-align: justify">Receive periodic statements from Wells Fargo reflecting all current activity in their Plan account,
thereby affording participants simplified recordkeeping.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_009"></A>Participation by Shareholders of Record</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>Eligibility</I>. Any
shareholder who has shares of Common Stock registered in his or her own name on the books of the Company is eligible to participate
in the Plan. (Shareholders owning Class B Common Stock will not, solely as a result of such ownership, be eligible to participate
in the Plan.) A beneficial owner of Common Stock, whose shares are registered in the name of another (<U>e.g.</U>, in a broker&rsquo;s
&ldquo;street name&rdquo; or in the name of a bank nominee or trustee) and who desires to participate in the Plan, must either
make appropriate arrangements with the record holder to participate on behalf of the beneficial owner or must become a shareholder
of record by having part or all of such shares transferred into his or her own name. Shares held by an individual in the Company&rsquo;s
Pension Plus Plan are not registered in the name of the individual and are not eligible for participation in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Participation by shareholders
of record of Common Stock in the Plan is completely voluntary. Shareholders who do not elect to participate in the Plan will continue
to receive their cash dividends if, when and as declared by the Board of Directors of the Company. On April 10, 1996, the Company
publicly announced that its Board of Directors intended to commence the quarterly payment of dividends, subject to future authorization
and declaration by the Board of Directors in each case. Prior to such announcement, since 1984 the Company had paid annual cash
dividends to its shareholders. Payment of cash dividends in the future by the Company will depend on its future earnings, financial
requirements and other factors. There can be no assurance that the Company will continue to pay cash dividends or pay cash dividends
at the same rates or in the same amounts as in prior years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>Investment Options</I>.
An eligible shareholder of record of Common Stock may elect to participate in the Plan through the following dividend reinvestment
and/or optional cash investment options:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><B>Full Dividend
Reinvestment</B> &ndash; All cash dividends payable on shares held in the Plan, along with any shares held in physical certificate
form or through book-entry Direct Registration Shares (&ldquo;DRS&rdquo;) will be used to purchase additional shares. The participant
will not receive cash dividends from the Company; instead, all dividends will be reinvested. Whole and fractional shares will be
allocated to the participant&rsquo;s Plan account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><B>Partial
Dividend Reinvestment</B> &ndash; A participant may elect to reinvest a portion of the dividend and receive the remainder in cash.
The partial elected to reinvestment will be applied to the total shares held in the Plan, along with any shares held in physical
certificate form or held through book entry DRS. The cash portion of dividends will be sent by check unless the participant has
elected to have those dividends deposited directly into a designated bank account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><B>Cash Dividends</B>
&ndash; All dividends payable to the participant will be paid in cash. This includes the dividends payable on all shares held in
the Plan, any shares held in physical certificate form or held through book entry DRS. The participant&rsquo;s dividend payment
will be sent by check unless the participant has elected to have those dividends deposited directly into a designated bank account.
For electronic direct deposit of any dividend funds, contact the Plan Administrator to request a Direct Deposit of Dividends Authorization
card, which we refer to as an Authorization Card in this Prospectus. The participant should include a voided check or deposit slip
from the bank account for which to set up direct deposit. If the shares are jointly owned, all owners must sign the form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><B>Optional
Cash Investments</B> &ndash; A participant may make optional cash investments to purchase additional shares of Common Stock with
any of the above options. <I>A non-associate must first be a shareholder of record before being allowed to make optional cash investments</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">All shares acquired by
a shareholder through dividend reinvestment and optional cash investments will be credited to the participant&rsquo;s account under
the Plan. Cash dividends on shares (including any fractional share interest) of Common Stock held in the participant&rsquo;s account
under the Plan will be reinvested in additional shares of Common Stock in accordance with the investment options described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>Enrollment</I>. An
eligible shareholder may join the Plan at any time by properly completing and signing an<I> </I>Authorization Card and sending
it to Wells Fargo. If the shares of Common Stock are registered in more than one name (<U>e.g.</U>, joint tenants or trustees),
all registered holders must sign. A shareholder participant may obtain an Authorization Card online, by telephone or by writing
to Wells Fargo.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The reinvestment of a
shareholder participant&rsquo;s dividends will begin with the dividend payment date immediately following the date on which a signed
and properly completed Authorization Card specifying reinvestment of dividends is received by Wells Fargo, provided that the Authorization
Card is received by Wells Fargo at least two business days before the record date for a dividend payment. If the Authorization
Card is received by Wells Fargo after that time, the reinvestment of dividends will begin with the next cash dividend payment and
will be completed no later than 30 trading days following the dividend payment date. Dividend payment dates in the future for the
Common Stock are expected to be on or about the 15th day of February, May, August and November (or the closest business day thereto
if such dividend payment date is not a business day). Each corresponding record date is expected to be 21 days in advance of such
dividend payment date. There can be no assurance that these dates will not change or that the Company will continue paying quarterly
cash dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Each shareholder participant
is fully responsible for the proper completion and timely delivery to Wells Fargo of his or her Authorization Card. <I>Neither
Wells Fargo nor the Company may be held responsible for Authorization Cards which are not properly completed or timely delivered</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Participation in the
Plan by an eligible shareholder making optional cash investments is described below under &ldquo;Optional Cash Investments.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>Change of Investment
Option</I>. A shareholder participant may change his or her investment option at any time by obtaining and properly completing
a new Authorization Card and sending it to Wells Fargo. With respect to the reinvestment of dividends, the new Authorization Card
must be received by Wells Fargo at least two business days before the record date for a dividend payment in order to be effective
for such payment.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_011"></A>Participation by Associates</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>Eligibility</I>. Any
full-time or part-time associate of the Company or any of its subsidiaries or covered affiliates is eligible to participate in
the Plan if he or she: (i) is at least 21 years of age; (ii) has completed at least 90 days of continuous service with the Company
or a subsidiary or a covered affiliate; and (iii) is not covered under a collective bargaining agreement or is covered under a
collective bargaining agreement which specifically provides for the associate&rsquo;s participation in the Plan. Associates need
not be shareholders of record to participate in the Plan. Participation by associates in the Plan is completely voluntary and is
subject to compliance with the Company&rsquo;s policies relating to insider trading and similar matters as such policies may be
in effect from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>Investment Options</I>.
An eligible associate may participate in the Plan by making optional cash payments directly to Wells Fargo or by authorizing the
Company to automatically deduct a specified amount from each of the associate&rsquo;s payroll checks and then promptly forwarding
such deducted amounts to Wells Fargo for investment in Common Stock. <I>All such payroll deductions will be made with after-tax
dollars</I>. For a discussion of the procedures for making optional cash investments, see &ldquo;Optional Cash Investments&rdquo;
below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">All shares acquired by
an associate through optional cash investments will be credited to the associate&rsquo;s account under the Plan. Cash dividends
on shares (including fractional shares) of Common Stock held in the associate participant&rsquo;s account under the Plan will be
automatically reinvested in additional shares of Common Stock. An associate may <I>not</I> choose to have dividends reinvested
on only a partial number of shares held in his or her associate&rsquo;s account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">An associate who is also
a shareholder of record of Common Stock may also elect to participate in the Plan through one of the dividend reinvestment options
as described above under &ldquo;Participation by Shareholders of Record.&rdquo; An associate participating through such a dividend
reinvestment option may choose to have dividends reinvested on only a partial number of the shares held in his or her shareholder&rsquo;s
account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>Enrollment</I>.
An eligible associate may join the Plan at any time by properly completing and signing an Authorization Card and sending
it to Wells Fargo or, if the associate desires to elect the optional cash investment using payroll deductions, by
properly completing and signing an authorization form, referred to in this Prospectus as an Associate Authorization Form,
and providing it to the Company. Each associate participant is fully responsible for the proper completion and timely
delivery to Wells Fargo of his or her Authorization Card or to the Company of his or her Associate Authorization Form.<I>
Neither Wells Fargo nor the Company may be held responsible for Authorization Cards or Associate Authorization Forms, as
applicable, which are not properly completed or timely delivered</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>Associate Participants
Who Leave the Company</I>. Termination of employment does not automatically terminate participation in the Plan. Dividends on all
shares held under the Plan for the account of an associate participant who leaves the Company, its subsidiary or covered affiliate
will continue to be reinvested until the participant withdraws from the Plan. Optional cash investments may continue to be made
by such a participant so long as there are shares credited to his or her account under the Plan. If such a participant elects to
make optional cash investments then such investments shall be subject to the limitations described above under &ldquo;Participation
by Shareholders of Record.&rdquo;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_012"></A>Optional Cash Investments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>How the Cash Investment
Option Works</I>. An initial optional cash investment may be made by an eligible shareholder or an eligible associate when enrolling
in the Plan by sending a check (payable to Wells Fargo Shareowner Services) to Wells Fargo with a properly completed and signed
Authorization Card. Once enrolled, the participant may use the Transaction Request
Form attached to any statement of account supplied by Wells Fargo to make additional optional cash investments. Optional cash investments,
if made by participants in such manner, need not be in the same amount each time and such investments need not be made on a regular
basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><B>Checks</B>
&ndash; To make an investment by mail, payments must be in U.S. dollars and drawn on a U.S. or Canadian financial institution.
Cash, money orders, traveler&rsquo;s checks and third party checks are not accepted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><B>Automatic
Investments</B> <B>&mdash;</B> A participant may setup a one-time or monthly automatic withdrawal from a designated bank account.
The request may be submitted online, by telephone or by sending an Authorization Card  by mail (see
&ldquo;Contact Information&rdquo;). Requests are processed and become effective as promptly as administratively possible. Once
the automatic withdrawal is initiated, funds will be debited from the participant&rsquo;s designated bank account on or about the
9th of each month and will be invested in the Company&rsquo;s Common Stock on the next investment date. Changes or a discontinuation
of automatic withdrawals can be made online, by telephone or by using the Transaction Request Form attached to the participant&rsquo;s
statement. To be effective with respect to a particular investment date, a change request must be received by the Plan Administrator
at least 15 trading days prior to the investment date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Eligible associates may
also authorize the Company to automatically deduct a fixed amount from each of their payroll checks to purchase Common Stock. <I>All
such deductions will be made with after-tax dollars</I>. To participate through payroll deductions, an associate participant must
properly complete, sign and return to the Company an Associate Authorization Form and indicate on such form that he or she desires to have
the specified amount (no less than $10) deducted from each of his or her payroll checks. Each associate participant is fully responsible
for the proper completion and timely delivery to the Company of his or her Associate Authorization Form.<I> Neither Wells Fargo
nor the Company may be held responsible for Associate Authorization Forms which are not properly completed or timely delivered</I>.
Automatic deductions will be made, starting as soon as practicable after the Associate Authorization Form is received by the Company,
in the specified fixed amount from each of the associate participant&rsquo;s payroll checks and will be forwarded promptly by the
Company to Wells Fargo to allow for investment in the Common Stock. Neither Wells Fargo nor the Company may be held responsible
for administrative delays in effecting payroll deductions and their subsequent investment. An associate participant may change
the amount of automatic payroll deduction by obtaining and properly completing and signing a new Associate Authorization Form and
returning it to the Company. Any such change will be effective as soon as practicable after the Company receives a properly completed
and signed new Associate Authorization Form. An associate participant may likewise discontinue the automatic payroll deductions
by notifying the Company in writing. Wells Fargo will continue to reinvest dividends on shares in the participant&rsquo;s Plan
account until the participant withdraws from the Plan. See &ldquo;Withdrawal from the Plan.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Optional cash investments
received from participants or automatically deducted from associate participants&rsquo; payroll, will be applied by Wells Fargo
to the purchase of additional shares of Common Stock as of the Investment Date (as such term is defined under &ldquo;Purchase of
Shares&rdquo; below) following the receipt of such payments, except as otherwise provided herein. To be reinvested on the next
Investment Date, optional cash investments must be received by Wells Fargo no later than the business day prior to the Investment
Date. Any optional cash received thereafter will be held by Wells Fargo and invested on the next succeeding Investment Date. NO
INTEREST WILL BE PAID BY THE COMPANY OR WELLS FARGO ON OPTIONAL CASH INVESTMENTS. THEREFORE, OPTIONAL CASH INVESTMENTS WHICH ARE
MAILED TO WELLS FARGO SHOULD BE SENT SO AS TO REACH WELLS FARGO SHORTLY BEFORE THE DEADLINE. PARTICIPANTS SHOULD ALLOW ADEQUATE
TIME FOR MAILING. PARTICIPANTS WHO MAIL PAYMENTS TO WELLS FARGO ARE RESPONSIBLE FOR PROPER COMPLETION AND TIMELY DELIVERY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">During the period that
an optional cash investment is pending, the Plan Administrator may invest the collected funds in its possession in certain Permitted
Investments. For purposes of this Plan, &ldquo;Permitted Investments&rdquo; means any money market mutual funds registered under
the Investment Company Act (including those of an affiliate of the Plan Administrator or for which the Plan Administrator or any
of its affiliates provides management advisory or other services) consisting entirely of (i) direct obligations of the United States
of America; or (ii) obligations fully guaranteed by the United States of America. The risk of any loss from such Permitted Investments
will be the responsibility of the Plan Administrator. Investment income from such Permitted Investments will be retained by the
Plan Administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>Limitations on Amounts
of Optional Investments by Shareholders</I>. Each optional cash investment by a non-associate shareholder participant must be at
least $100 per investment and may not exceed $1,500 per calendar month. Each optional cash investment by an associate participant
must be at least $10 per investment, with no maximum limitation. All amounts received by Wells Fargo for investment under the Plan
must be denominated in United States dollars and drawn on a United States or Canadian financial institution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In the case of a nominee
who holds Common Stock for more than one beneficial owner, optional cash investments of more than $1,500 per calendar month may
be made, provided such nominee certifies to Wells Fargo and the Company, accompanied by such documentation as the Company may require,
that each beneficial owner is not making optional cash investments in excess of the per investment maximum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>Return of Uninvested
Optional Cash Payments</I>. A participant may, without terminating participation in the Plan, obtain the return (without interest)
of any uninvested optional cash upon written request received by Wells Fargo at least two business days prior to the applicable
Investment Date; provided that it is verified that good funds were originally received by Wells Fargo. If any optional cash investment
is returned for any reason, the Plan Administrator will remove from the participant&rsquo;s account any shares of Common Stock
purchased with such funds, and will sell these shares. The Plan Administrator may also sell additional shares of Common Stock in
the account to recover a returned funds fee for each optional cash investment returned unpaid for any reason, and may sell additional
shares of Common Stock as necessary to cover any market loss incurred by the Plan Administrator.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_013"></A>Costs and Expenses</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">All costs and expenses
associated with the operation of the Plan, including service charges, will be paid by the Company. However, a participant who instructs
Wells Fargo to sell any Common Stock then held in the Plan for his or her account will be responsible for his or her pro rata share
of applicable brokerage commissions relating to such sale, plus any service fees. A participant will also be responsible to pay
other fees, as specified below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investment Summary and Fees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Summary</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; padding-left: 0.25in; text-align: left"><B>Minimum Cash Investments</B></TD>
    <TD STYLE="width: 40%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 45pt; text-align: left">Minimum one-time optional cash purchase</TD>
    <TD STYLE="text-align: left">$100.00</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 45pt; text-align: left">Minimum recurring automatic investments</TD>
    <TD STYLE="text-align: left">$100.00</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 45pt; text-align: left">Minimum employee payroll deduction</TD>
    <TD STYLE="text-align: left">$10.00</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: left"><B>Maximum Cash Investments</B></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 45pt; text-align: left">Maximum monthly investment</TD>
    <TD STYLE="text-align: left">$1,500.00</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: left"><B>Dividend Reinvestment Options</B></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 45pt; text-align: left">Reinvest options</TD>
    <TD STYLE="text-align: left">Full, Partial, None</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Fees</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; padding-left: 0.25in; text-align: left"><B>Investment Fees</B></TD>
    <TD STYLE="width: 40%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 45pt; text-align: left">Dividend reinvestment</TD>
    <TD STYLE="text-align: left">Company Paid</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 45pt; text-align: left">Check investment</TD>
    <TD STYLE="text-align: left">Company Paid</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 45pt; text-align: left">One-time automatic investment</TD>
    <TD STYLE="text-align: left">Company Paid</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 45pt; text-align: left">Recurring automatic investment</TD>
    <TD STYLE="text-align: left">Company Paid</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 45pt; text-align: left">Employee payroll deduction</TD>
    <TD STYLE="text-align: left">Company Paid</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 45pt; text-align: left">Dividend purchase trading commission per share</TD>
    <TD STYLE="text-align: left">Company Paid</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 45pt; text-align: left">Optional cash purchase trading commission per share</TD>
    <TD STYLE="text-align: left">Company Paid</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; padding-left: 0.25in; text-align: left"><B>Sales Fees</B></TD>
    <TD STYLE="width: 40%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 45pt; text-align: left">Batch order</TD>
    <TD STYLE="text-align: left">$15.00 per Transaction</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 45pt; text-align: left">Market order</TD>
    <TD STYLE="text-align: left">$25.00</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 45pt; text-align: left">Limit order per transaction (Day/GTD/GTC)</TD>
    <TD STYLE="text-align: left">$30.00</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 45pt; text-align: left">Stop order</TD>
    <TD STYLE="text-align: left">$30.00</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 45pt; text-align: left">Sale trading commission per share</TD>
    <TD STYLE="text-align: left">$0.12</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 45pt; text-align: left">Direct deposit of sale proceeds</TD>
    <TD STYLE="text-align: left">$5.00 per Transaction</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: left"><B>Other Fees</B></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 45pt; text-align: left">Certificate issuance</TD>
    <TD STYLE="text-align: left">Company Paid</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 45pt; text-align: left">Certificate deposit</TD>
    <TD STYLE="text-align: left">Company Paid</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 45pt; text-align: left">Returned check / Rejected automatic bank withdrawals</TD>
    <TD STYLE="text-align: left">$35.00 per item</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 45pt; text-align: left">Prior year duplicate statements</TD>
    <TD STYLE="text-align: left">$15.00 per year</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_014"></A>Purchase of Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Reinvested Common Stock
dividends, optional cash investments and proceeds (which will be treated as optional cash investments) from the sale or redemption
of Common Stock subscription or other rights, if any, received by Wells Fargo on behalf of participants will be used to acquire
either outstanding Common Stock, or authorized and previously unissued Common Stock from the Company, provided that the Company
is then willing to sell additional stock. In making purchases for a participant&rsquo;s account, Wells Fargo will combine the participant&rsquo;s
funds with those of other participants. It is understood that governmental regulations may require the temporary curtailment or
suspension of purchases of Common Stock under the Plan. No interest will be paid on funds held by Wells Fargo pending investment
under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Purchases of Common Stock
under the Plan will be made on or as soon as practicable after the following applicable &ldquo;Investment Dates&rdquo;:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Common Stock cash dividend payment date is an Investment Date for the reinvestment of cash dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
15th day of each month (or the next closest business day if the 15th is not a business day) is an Investment Date for the investment
of optional cash by participants and no later than 35 trading days, except where postponement is necessary to comply with the rules
and regulations of the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The number of shares
of Common Stock to be purchased for a participant under the Plan depends on the purchase price of Common Stock on the applicable
Investment Date and on the amount of the participant&rsquo;s cash dividends and optional cash to be invested. A participant&rsquo;s
account will be credited with that number of shares of Common Stock (including any fractional share interest, computed to three
decimal places) equal to the total amount to be invested divided by the applicable purchase price per share.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_015"></A>Share Purchase Prices</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If shares of Common Stock
are purchased under the Plan for participant from the Company (including as newly-issued shares), then the purchase price of the
shares will be the average (computed to three decimal places) of the high and low prices of shares of Common Stock on the New York
Stock Exchange on the applicable Investment Date. If no trading occurs on the New York Stock Exchange in the Common Stock on the
applicable Investment Date, the price will be determined with reference to the next preceding date on which the Common Stock was
traded on the New York Stock Exchange. If shares of Common Stock are purchased under the Plan for participants on the open market
or in privately negotiated transactions, then the purchase price of the shares will be the weighted average of the prices paid
for such shares on the date the shares are purchased. If shares are purchased on the open market or in privately negotiated transactions
on more than one date, a weighted average of such averages will be used. In the event that a purchase under the Plan is made both
in newly-issued and previously-issued shares, the shares purchased will be allocated proportionately among the accounts of all
participants for whom funds are being invested at that time.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_016"></A>Reports to Participants</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Wells Fargo will maintain
an account for each participant. All shares of Common Stock (including any fractional shares, computed to three decimal places)
purchased for a participant under the Plan will be credited to his or her account. Each participant in the Plan will receive a
quarterly statement of his or her account from Wells Fargo as soon as practicable following each dividend payment date. Wells Fargo
will also furnish a participant with an account statement as soon as practicable following the investment of any optional cash
(other than through payroll deductions).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If desired (as indicated
on the participant&rsquo;s Authorization Card or Associate Authorization Form), each participant may with respect to his or her
Plan shares receive copies of quarterly reports and certain other communications generally sent by the Company to holders of Common
Stock. Each participant will receive copies of the Company&rsquo;s Annual Report and Notice of Annual Meeting and Proxy Statement.
Information needed for reporting dividend income for federal income tax purposes will be provided to each participant in the Plan
over the prior calendar year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The participant may elect
to have their statements and other information sent to them automatically by initiating eDelivery through <B>shareowneronline.com</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="a_025"></A>Sale of Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Sales are usually made
through an affiliated broker, who will receive brokerage commissions. Typically, the shares are sold through the exchange on which
the common shares of the Company<FONT STYLE="color: red"> </FONT>are traded. Depending on the number of shares of Common Stock
to be sold and current trading volume, sale transactions may be completed in multiple transactions and over the course of more
than one day. All sales are subject to market conditions, system availability, restrictions and other factors. The actual sale
date, time or price received for any shares sold through the Plan cannot be guaranteed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Participants may instruct
the Plan Administrator to sell shares under the Plan through a Batch Order, Market Order, Day Limit Order, Good-&lsquo;Til-Date/Canceled
Limit Order or Stop Order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><B>Batch
Order (online, telephone, mail)</B> &ndash; The Plan Administrator will combine each request to sell through the Plan with other
Plan participant sale requests for a Batch Order. Shares are then periodically submitted in bulk to a broker for sale on the open
market. Shares will be sold no later than five business days (except where deferral is necessary under state or federal regulations).
Bulk sales may be executed in multiple transactions and over more than one day depending on the number of shares being sold and
current trading volumes. Once entered, a Batch Order request cannot be canceled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><B>Market
Order (online or telephone)</B> &ndash; The participant&rsquo;s request to sell shares in a Market Order will be at the prevailing
market price when the trade is executed. If such an order is placed during market hours, the Plan Administrator will promptly submit
the shares to a broker for sale on the open market. Once entered, a Market Order request cannot be canceled. Sales requests submitted
near the close of the market may be executed on the next trading day, along with other requests received after market close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><B>Day Limit
Order (online or telephone)</B> &ndash; The participant&rsquo;s request to sell shares in a Day Limit Order will be promptly submitted
by the Plan Administrator to a broker. The broker will execute as a Market Order when and if the stock reaches, or exceeds the
specified price on the day the order was placed (for orders placed outside of market hours, the next trading day). The order is
automatically canceled if the price is not met by the end of that trading day. Depending on the number of shares being sold and
current trading volumes, the order may only be partially filled and the remainder of the order canceled. Once entered, a Day Limit
Order request cannot be canceled by the participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><B>Good-&lsquo;Til-Date/Canceled
(GTD/GTC) Limit Order (online or telephone)</B> &ndash; A GTD/GTC Limit Order request will be promptly submitted by the Plan Administrator
to a broker. The broker will execute as a Market Order when and if the stock reaches, or exceeds the specified price at any time
while the order remains open (up to the date requested or 90 days for GTC). Depending on the number of shares being sold and current
trading volumes, sales may be executed in multiple transactions and may be traded on more than one day. The order or any unexecuted
portion will be automatically canceled if the price is not met by the end of the order period. The order may also be canceled by
the applicable stock exchange or the participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><B>Stop Order
(online or telephone)</B> &ndash; The Plan Administrator will promptly submit a participant&rsquo;s request to sell shares in a
Stop Order to a broker. A sale will be executed when the stock reaches a specified price, at which time the Stop Order becomes
a Market Order and the sale will be at the prevailing market price when the trade is executed. The price specified in the order
must be below the current market price (generally used to limit a market loss).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Sales proceeds will be
net of any fees to be paid by the participant (see &ldquo;Investment Fees&rdquo; for details). The Plan Administrator will deduct
any fees or applicable tax withholding from the sale proceeds. Sales processed on accounts without a valid Form W-9 for U.S. citizens
or Form W-8BEN for non-U.S. citizens will be subject to Federal Backup Withholding. This tax can be avoided by furnishing the appropriate
and valid form prior to the sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">A check for the proceeds
of the sale of shares (in U.S. dollars), less applicable taxes and fees, will generally be mailed by first class mail four business
days after trade date. If a participant submits a request to sell all or part of the Plan shares, and the participant requests
net proceeds to be automatically deposited to a checking or savings account, the participant must provide a voided blank check
for a checking account or blank savings deposit slip for a savings account. If the participant is unable to provide a voided check
or deposit slip, the participant&rsquo;s written request must have the participant&rsquo;s signature(s) medallion guaranteed by
an eligible financial institution for direct deposit. Requests for automatic deposit of sale proceeds that do not provide the required
documentation will not be processed and a check for the net proceeds will be issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">A participant who wishes
to sell shares currently held in certificate form may send them in for deposit to the Plan Administrator and then proceed with
the sale.<FONT STYLE="color: red"> </FONT>To sell shares through a broker of their choice, the participant may request the broker
to transfer shares electronically from the Plan account to their brokerage account. Alternatively, a stock certificate can be requested
that the participant can deliver to their broker.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Company&rsquo;s share
price may fluctuate between the time the sale request is received and the time the sale is completed on the open market. The Plan
Administrator shall not be liable for any claim arising out of failure to sell on a certain date or at a specific price. Neither
the Plan Administrator nor any of its affiliates will provide any investment recommendations or investment advice with respect
to transactions made through the Plan. This risk should be evaluated by the participant and is a risk that is borne solely by the
participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Company&rsquo;s insider
trading policy provides that the participant may not trade in the Company&rsquo;s common stock if in possession of material, non-public
information about the Company. Share sales by employees, Affiliates and Section 16 officers must be made in compliance with the
Company&rsquo;s insider trading policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_018"></A>Withdrawal from the Plan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>Timing and Effect
of Withdrawal</I>. A participant may withdraw from the Plan at any time by notifying Wells Fargo in writing. A participant will
be deemed to have withdrawn from the Plan upon Wells Fargo receiving notice in writing of the participant&rsquo;s death. Termination
of participation in the Plan by a shareholder of record will immediately stop all reinvestment of the participant&rsquo;s dividends
if the properly completed and signed notice of withdrawal is received by Wells Fargo not later than one business day prior to the
record date for the next dividend payment. Investment of optional cash will stop immediately if notification of withdrawal from
the Plan is received by Wells Fargo at least two business days prior to the applicable Investment Date. The entire amount of any
optional cash received for which investment has been stopped by termination of participation in the Plan will be refunded to the
participant. In addition to the foregoing, Wells Fargo may terminate any account by written notice to the participant and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>Sale of Shares or
Issuance of Certificates upon Withdrawal from the Plan</I>. Upon termination of a participant&rsquo;s account, the participant
(or his or her personal representative or other authorized agent) may elect to receive either stock or cash for all the full shares
in the participant&rsquo;s account. If the participant&rsquo;s account with Wells Fargo is terminated and the participant (or his
or her personal representative or other authorized agent) elects to have the participant&rsquo;s shares in the Plan sold, Wells
Fargo will make such sale and send to the participant (or his or her personal representative or other authorized agent) the proceeds
less any applicable commissions and any service fees. Sales requests may be accumulated by Wells Fargo, but no sales transactions
will be delayed (except to the extent otherwise required by law). If funds are available, such shares may be purchased by Wells
Fargo for investment under the Plan at their current market value (determined in the same manner as the price of newly-issued shares
is determined) as of the date of such sale to Wells Fargo. If a participant does not make an election within a reasonable time
after termination, the participant&rsquo;s Plan shares will be moved to book-entry DRS form until the Plan Administrator receives
further instructions from the participant. In any event, any fractional interest in a share will be converted to cash at the market
value as of the date of the sale thereof (determined in the same manner as the price of newly-issued shares is determined).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>Rejoining
the Plan</I>. Any eligible shareholder of record or eligible associate may rejoin the Plan at any time by completing a
new Authorization Card, or with respect to an eligible associate, a new Associate Authorization Form. However, the Company or
Wells Fargo may reject any such Authorization Card or Associate Authorization Form from a previous participant on grounds of
excessive termination and rejoining.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_019"></A>Certificates for Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>Shares Held by Wells
Fargo</I>. Certificates for shares of Common Stock purchased under the Plan will not be issued to a participant unless specifically
requested in writing by the participant. The number of shares credited to a participant&rsquo;s account under the Plan will be
shown on each account statement mailed to the participant. While in the custody of Wells Fargo, shares of Common Stock purchased
under the Plan will be registered in the name of Wells Fargo or one of its nominees. This convenience protects against loss, theft
or destruction of stock certificates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">At any time a participant
may, without terminating participation in the Plan, request in writing that Wells Fargo issue a certificate for all or part of
the whole shares credited to his or her Plan account. Any remaining whole shares and fractional share interest will continue to
be credited to the participant&rsquo;s account. A participant must request issuance of a certificate for any shares of Common Stock
purchased under the Plan which he or she desires to sell, pledge or transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Certificates for fractional
share interests will not be issued under any circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>Name in Which Certificates
will be Issued</I>. Shareholder participants&rsquo; accounts under the Plan will be maintained in the names in which certificates
for shares of Common Stock of such participants are registered at the time they enter the Plan. The account of an associate participating
in the Plan will be maintained in his or her own name. An associate may not establish an account or interest therein for other
persons. Certificates for whole shares, when issued, will be registered in the names in which accounts under the Plan are maintained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Should a participant
want his or her shares registered in any other name upon the withdrawal of the shares from the Plan, the participant must so indicate
in his or her request to Wells Fargo and comply with all appropriate transfer requirements. In the event of such a request, the
participant will be responsible for any transfer taxes that may be due and for compliance with any applicable transfer restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>No Transfer of Shares
Held in Plan; No Right to Draw Against Account</I>. Shares of Common Stock credited to the account of a participant under the Plan
may not be assigned, pledged as collateral or otherwise transferred. A participant who wishes to assign, pledge or otherwise transfer
such shares must execute and deliver to Wells Fargo a request (with signature guaranteed if the certificate will be registered
in other than the participant&rsquo;s name) that a certificate for such shares be issued in his or her name. In addition, participants
will not have the right to draw checks or drafts against their accounts under the Plan.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_020"></A>General Information</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>Sale or Transfer of
Registered Shares</I>. If a participant disposes of all the shares of Common Stock registered in his or her name, but retains shares
in the Plan, Wells Fargo will continue to reinvest the cash dividends on shares in the Plan, subject to a participant&rsquo;s right
to withdraw from the Plan at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If a shareholder participant
who has selected the partial dividend reinvestment option disposes of a portion of the shares registered in his or her name, to
the extent that such participant has registered in his or her name fewer shares than the number of shares designated as participating
in the Plan, dividends on all shares remaining in the name of the participant will be reinvested under the Plan. If such participant
subsequently acquires additional shares registered in his or her name, such additional shares shall be deemed to participate in
the Plan until the number of shares equals the number of shares designated as participating in the Plan on the participant&rsquo;s
then current Authorization Card.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>Stock Dividends and
Issuance of Rights</I>. Any shares distributed pursuant to stock dividends or stock splits effected by the Company on shares held
by Wells Fargo for a participant will be credited to such participant&rsquo;s account. In the event that the Company makes available
to the holders of its Common Stock subscription or other rights to purchase additional shares of Common Stock or other securities,
Wells Fargo will (if and when such rights trade independently) sell the rights accruing to all shares held by Wells Fargo for the
participants and will apply the net proceeds of such sale to the purchase of additional shares of Common Stock. The Company will
notify each participant in advance of any such offer. If the participant does not want Wells Fargo to sell his or her rights and
invest the proceeds, it will be necessary for such participant to transfer all full shares held under the Plan to his or her own
name by a given date. This will permit the participant to exercise, transfer or sell the rights on such shares. In the event that
rights issued by the Company are redeemed prior to the date that such rights trade independently, Wells Fargo will invest the resultant
funds in additional shares of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>Voting of Shares Held
in Plan</I>. If a participant is a record holder of shares of Common Stock, the participant will be sent a proxy card (together
with applicable proxy solicitation materials) or a notice of availability of proxy materials in connection with any annual or special
meeting of shareholders. The proxy provided to the participant will apply to all shares registered in the participant&rsquo;s name
and to all whole shares credited to the participant&rsquo;s account under the Plan. If the participant is not a record holder of
shares of Common Stock, the participant will receive a voting instruction form or proxy card (together with applicable proxy solicitation
materials), or a notice of availability of proxy materials, if applicable, on which to indicate how the shares held by Wells Fargo
in the participant&rsquo;s Plan account are to be voted. <I>Fractional shares may not be voted</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">A proxy card or voting
instruction form that is properly signed and returned will be voted in the manner directed therein. If the proxy card or voting
instruction form is properly signed and returned but no voting instructions are given with respect to any or all items on the card
or form, all of the participant&rsquo;s shares of Common Stock covered by such proxy card or form will be voted in accordance with
the recommendations of the Company&rsquo;s management or Board of Directors. If the card or form is not returned or is returned
unsigned, the participant&rsquo;s shares will not be voted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>Duties and Responsibilities
of the Company and Wells Fargo</I>. Other than for willful misconduct, neither the Company nor Wells Fargo nor its nominees will
have any responsibility for any action taken or omitted pursuant to the Plan, nor will they have any duties, responsibilities or
liabilities except as expressly set forth in the Plan. Other than for willful misconduct, the Company and Wells Fargo will not
be liable under the Plan for any act or for any omission to act, including without limitation, any claims of liability (a) with
respect to the time or prices at which shares are purchased or sold for a participant&rsquo;s account, or any inability to purchase
or sell shares; (b) for any fluctuation in the market value after purchase or sale of shares; (c) any administrative delay in effecting
payroll deductions; (d) delays resulting from the improper completion or delivery of Authorization Cards or Associate Authorization
Forms, changes thereto or withdrawal requests; or (e) arising out of a failure to terminate a participant&rsquo;s account upon
such participant&rsquo;s death prior to receipt of notice in writing of such death.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>Amendment and Termination
of the Plan</I>. The Company reserves the right to suspend, modify or terminate the Plan at any time. All participants will be
notified of any suspension, termination or significant modification of the Plan within a reasonable time prior to such change.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_021"></A>Federal
Income Tax Considerations</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>The following summary
sets forth the general federal income tax consequences for an individual participating in the Plan and holding shares of Common
Stock as a capital asset within the meaning of Section 1221 of the Internal Revenue Code of 1986, as amended. This discussion is
not, however, intended to be an exhaustive treatment of such tax considerations. Future legislative changes or changes in administrative
or judicial interpretations, some or all of which may be retroactive, could significantly alter the tax treatment discussed herein.
Accordingly, and because tax consequences may differ among participants in the Plan, each participant is urged to consult his or
her own tax advisor to determine the particular tax consequences (including state income tax consequences) that may result from
participation in and the subsequent disposal of shares purchased under the Plan.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>General Considerations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In general, participants
reinvesting dividends under the Plan have the same federal income tax consequences with respect to their dividends as do shareholders
who are not participants in the Plan. On the dividend payment date, participants will receive a taxable dividend equal to the cash
dividend reinvested, to the extent the Company has earnings and profits. This treatment applies with respect to both the shares
of Common Stock held of record by such participants and such participants&rsquo; Plan account shares and even though the dividend
amount is not actually received in cash but is instead applied to the purchase of shares of Common Stock under the Plan. If shares
are purchased on the open market or in a privately negotiated transaction, each participant&rsquo;s share of brokerage fees, if
any, paid by the Company will also be taxed as an additional dividend to that participant, to the extent the Company has earnings
and profits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Shares or any fraction
thereof of Common Stock purchased on the open market or in a privately negotiated transaction with reinvested dividends will have
a tax basis equal to the amount paid therefor, increased by any brokerage fees treated as a dividend to the participant. Shares
or any fraction thereof of Common Stock purchased from the Company with reinvested dividends will have a tax basis equal to the
amount of the dividend. Whether purchased on the open market or in a privately negotiated transaction or from the Company, the
shares or any fraction thereof will have a holding period beginning on the day following the purchase date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Participants that make
optional cash investments under the Plan will be deemed to have received an additional taxable dividend in the amount of the participant&rsquo;s
pro rata share of the brokerage commissions, if any, paid by the Company on the shares acquired under the Plan, to the extent the
Company has earnings and profits. Such brokerage commissions may only be incurred on the purchase of Common Stock in the open market
or in privately negotiated transactions. Shares or any fraction thereof purchased with optional cash investments will have a tax
basis equal to the amount of such payments increased by the amount of brokerage fees, if any, treated as a taxable dividend to
the participant with respect to those shares or fraction thereof. The holding period for such shares or fraction thereof will begin
on the day following the purchase date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Participants should not
be treated as receiving an additional taxable distribution relating to their pro rata share of Wells Fargo&rsquo;s fees or other
costs of administering the Plan, all of which will be paid by the Company. However, there can be no assurance that the Internal
Revenue Service (&ldquo;IRS&rdquo;) will concur with this position. The Company has no present plans to seek formal advice from
the IRS on this issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Participants will not
recognize taxable income when they receive certificates for whole shares credited to their account, either upon their request for
such certificates or upon withdrawal from or termination of the Plan. However, participants will generally recognize gain or loss
when whole shares acquired under the Plan are sold or exchanged either through the Plan at their request or by the participants
after withdrawal from or termination of the Plan. Participants will also generally recognize gain or loss when they receive cash
payments for fractional shares credited to their account upon withdrawal from or termination of the Plan. The amount of gain or
loss will be the difference between the amount a participant receives for his or her whole shares or fractional shares and the
tax basis for such shares. Generally, the gain or loss will be a capital gain or loss, long-term or short-term depending on the
holding period. Currently, net long-term capital gains of certain taxpayers are taxed at lower rates than other items of taxable
income.<FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The tax basis of shares
of Common Stock acquired under the Plan will be reported by the Plan Administrator in accordance with the current Treasury Regulations.
The Plan Administrator intends to use the first-in, first-out (FIFO) method for determining the tax basis of any shares sold in
the absence of a participant&rsquo;s written designation to the Plan Administrator to use the specific identification method. Account
statements, which contain a detailed record of a participant&rsquo;s purchases and sales, should be retained for tax purposes to
assist with determining tax basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Participants who have
taxable income over a certain threshold amount are subject to an additional 3.8% tax on all or a portion of their &ldquo;net investment
income,&rdquo; which includes dividends and gain from the sale or disposition of Common Stock. Participants are urged to consult
their tax advisors regarding the application of the additional 3.8% tax to their particular tax situation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Purchases of shares of
Common Stock through payroll deductions by participants who are eligible associates of the Company or its subsidiaries will be
made on an after-tax basis (<U>i.e.</U>, after all appropriate payroll tax and other deductions have been made).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Information Reporting
and Backup Withholding</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Participants may be subject,
under certain circumstances, to information reporting and backup withholding (currently at a rate of 28%) on payments of dividends
and gross proceeds from disposition of shares of Common Stock. Backup withholding generally applies only if the participant:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Marlett">h</FONT></TD><TD STYLE="text-align: justify">fails to furnish its social security or other taxpayer identification number within a reasonable
time after a request for such information;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Marlett">h</FONT></TD><TD STYLE="text-align: justify">furnishes an incorrect taxpayer identification number;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Marlett">h</FONT></TD><TD STYLE="text-align: justify">fails to report interest or dividends properly; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Marlett">h</FONT></TD><TD STYLE="text-align: justify">fails, under certain circumstances, to provide a certified statement, signed under penalties of
perjury, that the taxpayer identification number provided is its correct number and that the participant is not subject to backup
withholding.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Certain persons are exempt
from backup withholding, including corporations and financial institutions. Exempt recipients that are not subject to backup withholding
and do not provide an IRS Form W-9 may nonetheless be treated as foreign payees subject to withholding under &ldquo;FATCA&rdquo;,
and may be withheld upon at the 30% rate discussed below under &ldquo;Foreign Account Tax Compliance Act.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Participants who are
not United States citizens or residents will need to be provide a valid Form W-8BEN and may be subject to withholding on all payments
reportable on an IRS Form 1099 or Form 1042-S, as applicable, at the current backup withholding rate of 28% or the normal withholding
rate of 30% (or lesser tax treaty rate if applicable), respectively. Effective for accounts opened on or after January 1, 2015,
participants that are not individuals who do not provide either a type of Form W-8 (for foreign entities, a Form W-8BEN-E, W-8EXP,
W-8ECI or W-8IMY) or Form W-9 (for U.S. entities), will be subject to withholding at a 30% rate as discussed below under &ldquo;Foreign
Account Tax Compliance Act.&rdquo; In particular, foreign entities should consult with their internal tax advisors or counsel as
to which type of Form W-8 they should provide based on their status under Chapters 3 and 4 of the Internal Revenue Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Plan Administrator
will file annually with the IRS, and to participants to whom the Plan Administrator is required to furnish such information, information
relating to the amount of dividends and gross proceeds and the amount of withholding, if any. Copies of these information returns
also may be made available under the provisions of a specific treaty or other agreement to the tax authorities of the country in
which the non-U.S. participant resides.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Backup and other withholding
is not an additional tax. Any amount withheld from a payment to a participant under the backup withholding rules is allowable as
a credit against such participant&rsquo;s U.S. federal income tax liability and may entitle such participant to a refund provided
such participant timely furnishes the required information to the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If a participant is subject
to withholding, the tax required to be withheld will be deducted from the amount of cash dividends reinvested. Since such withholding
tax applies also to a dividend on shares credited to the participant&rsquo;s Plan account, only the net dividend on such shares
will be applied to the purchase of additional shares of Common Stock. Regular statements sent to such participants will indicate
the amount of tax withheld. Likewise, participants selling shares through the Plan who are subject to backup or other withholding
will receive only the net cash proceeds from such sale as required by the Internal Revenue Code and the regulations thereunder.
The Company cannot refund amounts withheld. Participants should consult their tax advisors as to their qualification for exemption
from backup and other withholding, reduced rates of withholding under applicable tax treaties, and the procedures for obtaining
and applicable exemption or reduced rate of withholding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Foreign Account Tax
Compliance Act</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Provisions of the Hiring
Incentives to Restore Employment Act regarding foreign account U.S. tax compliance, known as the &ldquo;Foreign Account Tax Compliance
Act&rdquo; or &ldquo;FATCA,&rdquo; impose a U.S. federal withholding tax of 30% on certain types of payments made after December
31, 2012 to &ldquo;foreign financial institutions&rdquo; (including non-U.S. investment funds) and certain other &ldquo;non-financial
foreign entities&rdquo; (each as defined in the Internal Revenue Code), including where such foreign financial institutions or
non-financial foreign entities are acting as intermediaries, unless they meet the information reporting requirements of FATCA.
Although FATCA provides that these withholding provisions will apply to applicable payments made after December 31, 2012, final
Treasury Regulations issued by the United States Treasury provide that the withholding provisions will apply only to payments of
dividends made on or after July 1, 2014 and to gross proceeds from the sale or other disposition of Common Stock paid on or after
January 1, 2017. Accordingly, under the final Treasury Regulations, although dividends will be subject to withholding under FATCA,
gross proceeds from a sale or other disposition occurring prior to January 1, 2017 will not be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">To avoid withholding
under FATCA, a foreign financial institution will need to enter into an agreement with the IRS that states that it will provide
the IRS certain information, including the names, addresses and taxpayer identification numbers of direct and indirect U.S. account
holders, comply with due diligence procedures with respect to the identification of U.S. accounts, report to the IRS certain information
with respect to U.S. accounts maintained, agree to withhold tax on certain payments made to non-compliant foreign financial institutions
or to account holders who fail to provide the required information and determine certain other information as to its account holders.&nbsp;
An intergovernmental agreement between the United States and an applicable foreign country, or future Treasury Regulations, may
modify these requirements for foreign financial institutions in the applicable foreign country. To avoid withholding, a non-financial
foreign entity will need to provide either (i) the name, address, and taxpayer identification number of each substantial U.S. owner
or (ii) certifications of no substantial U.S. ownership, unless certain other exceptions apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If an amount in respect
of United States withholding tax is deducted or withheld from dividends or gross proceeds as a result of a holder&rsquo;s failure
to comply with these rules or the presence in the payment chain of an intermediary that does not comply with these rules, neither
the Company nor any other person is required to pay any additional amount as a result of the deduction or withholding of such tax.
As a result, investors may receive less dividends (and thus, only the net amount of the dividend will be applied to the purchase
of additional shares of Common Stock) or gross proceeds from a sale or other disposition than expected. Certain countries have
entered into, and the Company expects other countries to enter into, agreements with the United States to facilitate the type of
information reporting required under FATCA. While the existence of such agreements will not eliminate the risk that the Common
Stock will be subject to the withholding described above, these agreements are expected to reduce the risk of the withholding for
investors in (or indirectly holding Common Stock through financial institutions in) those countries that have entered into agreements
with the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Prospective investors
should consult their tax advisors regarding the FATCA withholding provisions as well as any changes to the final Treasury Regulations.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_022"></A>Legal Matters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The validity of the issuance
by the Company of authorized but unissued or treasury shares of Common Stock offered hereby will be passed upon for the Company
by Foley &amp; Lardner LLP, Milwaukee, Wisconsin.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_023"></A>Experts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The financial statements
incorporated in this Prospectus by reference from The Marcus Corporation&rsquo;s Annual Report on Form 10-K for the year ended
May 29, 2014, and the effectiveness of The Marcus Corporation&rsquo;s internal control over financial reporting, have been audited
by Deloitte &amp; Touche LLP, an independent registered public accounting firm, as stated in their reports which are incorporated
herein by reference. Such financial statements have been so incorporated in reliance upon the reports of such firm given upon their
authority as experts in accounting and auditing.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_024"></A>Contact
Information</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><B>Internet</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>shareowneronline.com</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Available 24 hours a day, 7 days
a week for access to account information and answers to many common questions and general inquiries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><B>To enroll in the Plan:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><I>If you are an existing registered
shareowner:</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: left">Go to <B>shareowneronline.com</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: left">Select <B>Sign Up Now!</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: left">Enter your Authentication ID* and Account Number</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">*If you do not have your Authentication
ID, select <B>I do not have my Authentication ID</B>. For security, this number is required for first time sign on.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><I>If you are an associate of
The Marcus Corporation:</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: left">Complete an Associate Authorization Form to elect payroll deductions</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: left">Deliver the form to your Human Resource Department</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><B>Email</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Go to <B>shareowneronline.com</B>
and select <B>Contact Us</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><B>Telephone</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">1-800-123-4567 Toll-Free</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">651-450-4064 outside the United
States</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Shareowner Relations Specialists
are available Monday through Friday, from 7:00 a.m. to 7:00 p.m. Central Time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">You may also access your account
information 24 hours a day, 7 days a week using our automated voice response system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>Written correspondence and
deposit of certificated shares</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Wells Fargo Shareowner Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">P.O. Box 64856</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">St. Paul, MN 55164-0856</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Certified and overnight delivery</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Wells Fargo Shareowner Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">1110 Centre Pointe Curve, Suite
101</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Mendota Heights, MN 55120-4100</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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