<SEC-DOCUMENT>0001193125-24-155354.txt : 20240606
<SEC-HEADER>0001193125-24-155354.hdr.sgml : 20240606
<ACCEPTANCE-DATETIME>20240605195627
ACCESSION NUMBER:		0001193125-24-155354
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240606
DATE AS OF CHANGE:		20240605

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Annexon, Inc.
		CENTRAL INDEX KEY:			0001528115
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		IRS NUMBER:				275414423
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-278246
		FILM NUMBER:		241023562

	BUSINESS ADDRESS:	
		STREET 1:		1400 SIERRA POINT PARKWAY
		STREET 2:		BLDG C, SUITE 200
		CITY:			BRISBANE
		STATE:			CA
		ZIP:			94005
		BUSINESS PHONE:		(650)-822-5500

	MAIL ADDRESS:	
		STREET 1:		1400 SIERRA POINT PARKWAY
		STREET 2:		BLDG C, SUITE 200
		CITY:			BRISBANE
		STATE:			CA
		ZIP:			94005

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Annexon, Inc.
		CENTRAL INDEX KEY:			0001528115
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		IRS NUMBER:				275414423
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		1400 SIERRA POINT PARKWAY
		STREET 2:		BLDG C, SUITE 200
		CITY:			BRISBANE
		STATE:			CA
		ZIP:			94005
		BUSINESS PHONE:		(650)-822-5500

	MAIL ADDRESS:	
		STREET 1:		1400 SIERRA POINT PARKWAY
		STREET 2:		BLDG C, SUITE 200
		CITY:			BRISBANE
		STATE:			CA
		ZIP:			94005
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>d794218dfwp.htm
<DESCRIPTION>FWP
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<TITLE>FWP</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Issuer Free Writing Prospectus </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Filed Pursuant to Rule 433 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Dated June 5, 2024 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Relating to Preliminary Prospectus Supplement Dated June&nbsp;4, 2024 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration Statement <FONT STYLE="white-space:nowrap">No.&nbsp;333-278246</FONT> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ANNEXON, INC. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>$125,000,000 </I></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g794218g0605122551037.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Common stock </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><FONT STYLE="white-space:nowrap">Pre-funded</FONT> warrants to purchase common stock </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This free writing prospectus relates only to the offering of shares of common stock and <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants to purchase
common stock described below and should be read together with the preliminary prospectus supplement dated June 4, 2024 (the &#147;Preliminary Prospectus Supplement&#148;), and the accompanying base prospectus dated April&nbsp;1, 2024 included in the
Company&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-278246)</FONT> (the &#147;Base Prospectus&#148;), including the documents incorporated by reference
therein. This free writing prospectus supplements the Preliminary Prospectus Supplement primarily to reflect the terms of certain <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants, and the shares of common stock issuable upon the exercise
of such <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants, being offered by Annexon, Inc. (&#147;we,&#148; &#147;us,&#148; &#147;our,&#148; &#147;the Company&#148; and &#147;Annexon&#148;). Except as otherwise indicated, all information in
this free writing prospectus and the Preliminary Prospectus Supplement assumes no exercise of outstanding options or warrants. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This free writing
prospectus is qualified in its entirety by reference to the Preliminary Prospectus Supplement, including the documents incorporated by reference therein. Financial information and other information presented in the Preliminary Prospectus Supplement
or incorporated by reference therein is deemed to have changed to the extent affected by the changes described herein. This free writing prospectus should be read together with the Preliminary Prospectus Supplement and the Base Prospectus, including
the documents incorporated by reference therein, before making a decision in connection with an investment in the securities. Capitalized but not defined terms used in this free writing prospectus have the meanings given to them in the Preliminary
Prospectus Supplement. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Issuer:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Annexon, Inc.</TD></TR>
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<TD VALIGN="top">Common stock offered by us:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$125,000,000&nbsp;of shares of our common stock.</TD></TR>
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<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-funded</FONT> warrants offered by us:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are also offering, in lieu of common stock to certain investors that so choose, <FONT STYLE="white-space:nowrap">pre-funded</FONT>
warrants to purchase&#8195;&#8195;&#8195;&#8195; shares of our common stock. The purchase price of each <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant equals the price per share at which the shares of our common stock are being sold to
the public in this offering, minus $0.001 which is the exercise price of each <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant per share. The <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants do not expire, and each <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrant will be exercisable at any time after the date of issuance of such <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant, subject to an ownership limitation. See &#147;Description of <FONT
STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants.&#148; This free writing prospectus and the Preliminary Prospectus Supplement also relate to the offering of the shares of common stock issuable upon the exercise of such <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="white-space:nowrap">The&nbsp;lock-up&nbsp;restrictions</FONT> described in the Preliminary Prospectus Supplement under &#147;Underwriting&#148; will not apply to issuance of common stock upon the exercise of the
<FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants&nbsp;during <FONT STYLE="white-space:nowrap">the&nbsp;60-day&nbsp;period</FONT> following the date of the final prospectus supplement to be filed in connection with this
offering.</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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<TD VALIGN="top">Option to purchase additional shares</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">We have granted the underwriters an option, for a period of 30 days, to purchase additional shares of our common stock. The number of shares subject to the underwriters&#146; option equals 15% of the total number of shares of common
stock we are offering plus the shares of common stock underlying the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants.</TD></TR>
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<TD VALIGN="top">Listing:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Shares of our common stock are listed on the Nasdaq Global Select Market (&#147;Nasdaq&#148;) under the symbol &#147;ANNX.&#148; We do not intend to apply for listing of the <FONT STYLE="white-space:nowrap">pre-funded</FONT>
warrants on Nasdaq or any securities exchange or nationally recognized trading system. There is no public trading market for the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants, and we do not expect a market to develop. Without a trading
market, the liquidity of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants will be extremely limited.</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risk factors </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>There is no public market for the <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants being offered in this offering. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There is no established public trading market for the <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants being offered in this offering, and we do not expect a market to develop. In addition, we do not intend to apply to list these <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants on any
securities exchange or nationally recognized trading system, including Nasdaq. Without an active market, the liquidity of these <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants will be limited. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We will not receive any meaningful amount of additional funds upon the exercise of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants.
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant has an exercise price of $0.001 per share of common stock. Each <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrant will be exercisable until it is fully exercised by means of payment of this nominal purchase price. Accordingly, we will not receive any meaningful additional funds upon the exercise of the <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Holders of <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants purchased in this
offering will have no rights as common stockholders until such holders exercise their <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants and acquire our common stock. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Until holders of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants acquire shares of our common stock upon exercise of such <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants, the holders will have no rights with respect to the shares of our common stock underlying such <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants, such as voting rights or the rights to
receive dividends. Upon exercise of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants, the holders will be entitled to exercise the rights of a common stockholder only as to matters for which the record date occurs after the exercise.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Significant holders or beneficial holders of our common stock may not be permitted to exercise <FONT STYLE="white-space:nowrap">pre-funded</FONT>
warrants that they hold. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Holders of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants will not be entitled to exercise any portion
of any <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant which, upon giving effect to such exercise, would cause the aggregate number of shares of our common stock beneficially owned by the holder (together with its affiliates) to exceed a
specified percentage of the number of shares of our common stock outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the
<FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants. See &#147;Description of <FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants.&#148; As a result, you may not be able to exercise your
<FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants for shares of our common stock at a time when it would be financially beneficial for you to do so. In such circumstance you could seek to sell your
<FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants to realize value, but you may be unable to do so in the absence of an established trading market for the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Use of proceeds </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We estimate that the net proceeds to us from this offering will be approximately $&#8195;&#8195;&#8195;&#8195; million, or approximately
$&#8195;&#8195;&#8195;&#8195;million if the underwriters exercise their option to purchase additional shares of our common stock in full, in each case, after deducting the underwriting discounts and commissions and estimated offering expenses
payable by us. These estimates exclude the proceeds, if any, from the exercise of <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants sold in this offering. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We currently intend to use the net proceeds from this offering, together with our existing cash, cash equivalents and marketable securities, to advance ANX005
in GBS, including through a BLA submission, to advance the global registrational program for ANX007 in geographic atrophy, for the development of our pipeline of other product candidates and for working capital and other general corporate purposes.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The amounts and timing of our actual expenditures will depend on numerous factors, including our development and commercialization efforts with respect
to our product candidates, as well as the amount of cash used in our operations. We therefore cannot estimate with certainty the amount of net proceeds to be used for the purposes described above. Based upon our current operating plan, we believe
that the net proceeds of our offering, together with our existing cash and cash equivalents and short-term investments will enable us to fund our operating expenses and capital expenditure requirements into &#8195;&#8195;&#8195;&#8195;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pending the uses described above, we plan to invest the net proceeds from this offering in short-term, investment-grade, interest-bearing securities. We
cannot predict whether the proceeds invested will yield a favorable return. Our management will have broad discretion in the use of the net proceeds from this offering, and investors will be relying on the judgment of our management regarding the
application of the net proceeds. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Description of <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following is a summary of the material attributes and characteristics of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants. The form of <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants will be provided to the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant purchasers in this offering and will be filed as an exhibit to a Current Report on Form <FONT
STYLE="white-space:nowrap">8-K</FONT> with the Securities and Exchange Commission (&#147;SEC&#148;), in connection with this offering. The following summary is subject in all respects to the provisions contained in the
<FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants. <FONT STYLE="white-space:nowrap">Pre-funded</FONT> warrants will be issued in certificated form only. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Duration and exercise price </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrant entitles the holder thereof to purchase shares of our common stock at an exercise price equal to $0.001 per share. Each <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant will be
exercisable at any time beginning on the date of issuance. The number of shares of our common stock issuable upon exercise of each <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant is subject to appropriate adjustment in the event of
certain stock dividends, stock splits, reorganizations or similar events affecting our common stock and the exercise price. The <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants do not expire. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Exercisability </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The holder of the <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrant may exercise the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant by delivering an exercise notice, completed and duly signed, and payment in cash of the exercise price for the number of
shares of our common stock for which the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant is being exercised. The holder of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant may also satisfy its obligation to pay the exercise
price through a &#147;cashless exercise,&#148; in which the holder receives the net value of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant in shares of common stock determined according to the formula set forth in the <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrant. Upon a holder&#146;s exercise of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant, we will issue the shares of common stock to which the holder is entitled pursuant to such exercise
within two trading days after the exercise date. A holder of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant will not be entitled to exercise any portion of such <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant that, upon
giving effect to such exercise, would cause the aggregate number of shares of our common stock beneficially owned by such holder (together with its affiliates and any other persons whose beneficial ownership of common stock would be aggregated with
the holder for purposes of Section&nbsp;13(d) of the Exchange Act) to exceed 9.99% of the total number of then issued and outstanding shares of common stock, as such percentage ownership is determined in accordance with the terms of the <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrant and subject to such holder&#146;s rights under the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant to increase or decrease such percentage to any other percentage not in excess of
19.99% upon at least 61 days&#146; prior notice from such holder to us. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Fundamental transaction </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the event of any fundamental transaction, as described in the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants and generally including any merger
with or into another entity, sale of all or substantially all of our assets, tender offer or exchange offer, or reclassification of our shares of common stock, then upon any subsequent exercise of a <FONT STYLE="white-space:nowrap">pre-funded</FONT>
warrant, the holder will have the right to receive as alternative consideration, for each share of common stock that would have been issuable upon such exercise immediately prior to the occurrence of such fundamental transaction, the number of
shares of common stock of the successor or acquiring corporation of our company, if it is the surviving corporation, and any additional consideration receivable upon or as a result of such transaction by a holder of the number of shares of common
stock for which the warrant is exercisable immediately prior to such event. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Transferability </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subject to applicable laws, a <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant may be transferred at the option of the holder upon surrender of the <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrant to us together with the appropriate instruments of transfer and payment of funds sufficient to pay any transfer taxes (if applicable). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Exchange listing </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There is no trading market
available for the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants on any securities exchange or nationally recognized trading system. We do not intend to list the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants on Nasdaq or
any securities exchange or nationally recognized trading system. We will initially serve as the warrant agent under the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Rights as a stockholder </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Except as otherwise
provided in the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants or by virtue of such holder&#146;s ownership of shares of our common stock, the holders of the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants do not have the
rights or privileges of holders of our common stock, including any voting rights, until they exercise their <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Underwriting </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The underwriters will purchase the <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants pursuant to the underwriting agreement described in the Preliminary Prospectus Supplement on terms generally consistent with those applicable to the shares of common stock being sold in the
offering. The per share underwriting discounts and commissions for the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants&nbsp;will be equal to the per share underwriting discounts and commissions on the shares of common stock sold in the
offering. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Material U.S. federal income tax considerations </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following discussion is a summary of the material U.S. federal income tax consequences of the purchase, ownership and disposition of the shares of common
stock and <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants, which we refer to collectively as the &#147;Securities,&#148; issued pursuant to this offering, but does not purport to be a complete analysis of all potential tax effects. The
effects of other U.S. federal tax laws, such as estate and gift tax laws, and any applicable state, local or foreign tax laws are not discussed. This discussion is based on the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;),
Treasury Regulations promulgated thereunder, judicial decisions, and published rulings and administrative pronouncements of the U.S. Internal Revenue Service (the &#147;IRS&#148;) in effect as of the date of this offering. These authorities may
change or be subject to differing interpretations. Any such change or differing interpretation may be applied retroactively in a manner that could adversely affect a holder of the Securities. We have not sought and will not seek any rulings from the
IRS regarding the matters discussed below. There can be no assurance the IRS or a court will not take a contrary position regarding the tax consequences of the purchase, ownership and disposition of the Securities. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This discussion is limited to holders that hold the Securities as a &#147;capital asset&#148; within the
meaning of Section&nbsp;1221 of the Code (generally, property held for investment). This discussion does not address all U.S. federal income tax consequences relevant to a holder&#146;s particular circumstances, including the impact of the
alternative minimum tax provisions of the Code or the unearned income Medicare contribution tax. In addition, it does not address consequences relevant to holders subject to particular rules, including, without limitation: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">U.S. expatriates and certain former citizens or long-term residents of the United States; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">persons holding the Securities as part of a hedge, straddle or other risk reduction strategy or as part of a
conversion transaction or other integrated investment; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">banks, insurance companies and other financial institutions; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">brokers, dealers or traders in securities; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;controlled foreign corporations,&#148; &#147;passive foreign investment companies&#148; and corporations
that accumulate earnings to avoid U.S. federal income tax; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">partnerships or other entities or arrangements treated as partnerships for U.S. federal income tax purposes (and
investors therein); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">tax-exempt organizations or governmental organizations; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">persons deemed to sell the Securities under the constructive sale provisions of the Code; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">persons holding the Securities as &#147;qualified small business stock&#148; within the meaning of
Section&nbsp;1202 of the Code; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">persons who hold or receive the Securities pursuant to the exercise of any employee stock option or otherwise as
compensation; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">persons subject to special tax accounting rules as a result of any item of gross income with respect to the
Securities being taken into account in an &#147;applicable financial statement&#148; (as defined in the Code); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;qualified foreign pension funds&#148; as defined in Section&nbsp;897(l)(2) of the Code and entities all of
the interests of which are held by qualified foreign pension funds; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT STYLE="white-space:nowrap">tax-qualified</FONT> retirement plans. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) holds the Securities, the tax treatment of a partner in the
partnership will depend on the status of the partner, the activities of the partnership and certain determinations made at the partner level. Accordingly, partnerships holding the Securities and the partners in such partnerships should consult their
tax advisors regarding the U.S. federal income tax consequences to them. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>THIS DISCUSSION IS FOR INFORMATION PURPOSES ONLY AND IS NOT INTENDED AS LEGAL
OR TAX ADVICE. INVESTORS SHOULD CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF THE
SECURITIES ARISING UNDER THE U.S. FEDERAL ESTATE OR GIFT TAX LAWS OR UNDER THE LAWS OF ANY STATE, LOCAL OR <FONT STYLE="white-space:nowrap">NON-U.S.</FONT> TAXING JURISDICTION OR UNDER ANY APPLICABLE INCOME TAX TREATY. </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Treatment of <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Although not free from doubt, a <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant should be treated as a share of our common stock for U.S. federal
income tax purposes, and a holder of <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants should generally be taxed in the same manner as a holder of common stock, as described below. Except where specifically noted below, the following
discussion assumes the characterization described above is respected for U.S. federal income tax purposes. However, this characterization is not binding on the IRS, and the IRS may treat the <FONT STYLE="white-space:nowrap">pre-funded</FONT>
warrants as warrants to acquire shares of our common stock. If so, the tax consequences with respect to an investment in our <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants could differ. Holders should consult their tax advisors
regarding the risks associated with the acquisition of <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants pursuant to this offering (including alternative characterizations). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tax considerations applicable to U.S. holders </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Definition of a U.S. Holder </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of this
discussion, a &#147;U.S. holder&#148; is any beneficial owner of the Securities that, for U.S. federal income tax purposes, is or is treated as any of the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">an individual who is a citizen or resident of the United States; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a corporation created or organized under the laws of the United States, any state thereof or the District of
Columbia; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">an estate, the income of which is subject to U.S. federal income tax regardless of its source; or
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a trust that (1)&nbsp;is subject to the primary supervision of a U.S. court and the control of one or more United
States persons (within the meaning of Section&nbsp;7701(a)(30) of the Code), or (2)&nbsp;has made a valid election under applicable Treasury Regulations to be treated as a United States person. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Distributions </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We do not anticipate declaring or
paying in the foreseeable future any cash dividends on our common stock. However, if we do make distributions on the Securities, such distributions of cash or property on the Securities will constitute dividends to the extent paid out of our current
or accumulated earnings and profits, as determined for U.S. federal income tax purposes. Dividends received by a corporate U.S. holder may be eligible for a dividends received deduction, subject to applicable limitations. Dividends received by
certain <FONT STYLE="white-space:nowrap">non-corporate</FONT> U.S. holders, including individuals, are generally taxed at the lower applicable long-term capital gains rate provided certain holding period and other requirements are satisfied.
Distributions in excess of our current and accumulated earnings and profits will constitute a return of capital and first be applied against and reduce a U.S. holder&#146;s adjusted tax basis in its Securities, but not below zero. Any excess will be
treated as capital gain and will be treated as described below in the section relating to the sale or disposition of the Securities. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Sale or other
taxable disposition of the Securities </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Upon the sale, exchange or other taxable disposition of the Securities, a U.S. holder generally will
recognize capital gain or loss equal to the difference between (i)&nbsp;the amount of cash and the fair market value of any property received upon the sale, exchange or other taxable disposition and (ii)&nbsp;such U.S. holder&#146;s adjusted tax
basis in the Securities. Such capital gain or loss will be long-term capital gain or loss if the U.S. holder&#146;s holding period in such Securities is more than one year at the time of the sale, exchange or other taxable disposition. Long-term
capital gains recognized by certain <FONT STYLE="white-space:nowrap">non-corporate</FONT> U.S. holders, including individuals, generally will be subject to reduced rates of U.S. federal income tax. The deductibility of capital losses is subject to
certain limitations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Exercise of <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A U.S. holder generally will not recognize gain or loss (other than with respect to cash paid in lieu of a fractional share) upon the exercise of a <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrant. Upon exercise, the holding period of a <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant should carry over to the share of common stock received. Similarly, the tax basis of the <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrant should carry over to the share of common stock received upon exercise, increased by the exercise price. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In certain circumstances, the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants may be exercised on a cashless basis. The U.S. federal income tax
treatment of an exercise of a warrant on a cashless basis is not clear, and could differ from the consequences described above. It is possible that a cashless exercise could be a taxable event. U.S. holders are urged to consult their tax advisors as
to the consequences of an exercise of a <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant on a cashless basis, including with respect to their holding period and tax basis in the shares of common stock received upon exercise. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Constructive dividends on <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A holder of a <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant may, in some circumstances, be deemed to have received a distribution subject to U.S.
federal income tax as a result of an adjustment or the <FONT STYLE="white-space:nowrap">non-occurrence</FONT> of an adjustment to the exercise price or to the number of shares of common stock issuable upon exercise of the <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrant. U.S. holders should consult their tax advisors regarding the proper treatment of any adjustments (or the <FONT STYLE="white-space:nowrap">non-occurrence</FONT> of any adjustments) to the <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Information reporting and backup withholding </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A U.S. holder may be subject to information reporting and backup withholding when such holder receives payments on the Securities (including constructive
dividends) or receives proceeds from the sale or other taxable disposition of the Securities. Certain U.S. holders are exempt from backup withholding, including corporations and certain <FONT STYLE="white-space:nowrap">tax-exempt</FONT>
organizations. A U.S. holder will be subject to backup withholding if such holder is not otherwise exempt and such holder: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">fails to furnish the holder&#146;s taxpayer identification number, which for an individual is ordinarily his or
her social security number; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">furnishes an incorrect taxpayer identification number; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">is notified by the IRS that the holder previously failed to properly report payments of interest or dividends;
or fails to certify under penalties of perjury that the holder has furnished a correct taxpayer identification number and that the IRS has not notified the holder that the holder is subject to backup withholding. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a U.S.
holder&#146;s U.S. federal income tax liability, provided the required information is timely furnished to the IRS. U.S. holders should consult their tax advisors regarding their qualification for an exemption from backup withholding and the
procedures for obtaining such an exemption. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tax considerations applicable to <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holders </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of this discussion, a <FONT STYLE="white-space:nowrap">&#147;non-U.S.</FONT> holder&#148; is a beneficial owner of the Securities that is neither
a U.S. holder nor an entity treated as a partnership for U.S. federal income tax purposes. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Distributions </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We do not anticipate declaring or paying in the foreseeable future any cash dividends on our common stock. However, if we do make distributions on the
Securities, such distributions of cash or property on the Securities will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax
principles. Distributions in excess of our current and accumulated earnings and profits will first constitute a return of capital and be applied against and reduce a non-U.S. holder&#146;s adjusted tax basis in its Securities, but not below zero.
Any excess will be treated as capital gain and will be treated as described below in the section relating to the sale or disposition of the Securities. Because we may not know the extent to which a distribution is a dividend for U.S. federal income
tax purposes at the time it is made, for purposes of the withholding rules discussed below we or the applicable withholding agent may treat the entire distribution as a dividend. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dividends paid to a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder of the Securities that are not effectively connected with the <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holder&#146;s conduct of a trade or business within the United States will be subject to U.S. federal withholding tax at a rate of 30% of the gross amount of the dividends (or such lower rate specified by
an applicable income tax treaty). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-U.S.</FONT> holders will be entitled to a reduction in or an exemption from
withholding on dividends as a result of either (a)&nbsp;an applicable income tax treaty or (b)&nbsp;the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder holding the Securities in connection with the conduct of a trade or business within the
United States and dividends being effectively connected with that trade or business. To claim such a reduction in or exemption from withholding, the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder must provide the applicable withholding
agent with a properly executed (a)&nbsp;IRS Form <FONT STYLE="white-space:nowrap">W-8BEN</FONT> or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E</FONT></FONT> (or other applicable documentation) claiming an exemption
from or reduction of the withholding tax under the benefit of an income tax </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
treaty between the United States and the country in which the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder resides or is established, or (b)&nbsp;IRS Form <FONT
STYLE="white-space:nowrap">W-8ECI</FONT> stating that the dividends are not subject to withholding tax because they are effectively connected with the conduct by the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder of a trade or business
within the United States, as may be applicable. These certifications must be provided to the applicable withholding agent prior to the payment of dividends and may need to be updated periodically. <FONT STYLE="white-space:nowrap">Non-U.S.</FONT>
holders that do not timely provide the applicable withholding agent with the required certification, but that qualify for a reduced rate under an applicable income tax treaty, may obtain a refund of any excess amounts withheld by timely filing an
appropriate claim for refund with the IRS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If dividends paid to a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder are effectively connected with
the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder&#146;s conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder maintains a
permanent establishment in the United States to which such dividends are attributable), then, although exempt from U.S. federal withholding tax (provided the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder provides appropriate certification,
as described above), the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder will be subject to U.S. federal income tax on such dividends on a net income basis at the regular rates applicable to U.S. persons. In addition, a <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holder that is a corporation may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on its effectively connected earnings and profits for
the taxable year that are attributable to such dividends, as adjusted for certain items. <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> holders should consult their tax advisors regarding their entitlement to benefits under any applicable income
tax treaty. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Exercise of <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder generally will not be subject to U.S. federal income tax on the exercise of <FONT
STYLE="white-space:nowrap">pre-funded</FONT> warrants into shares of common stock (except to the extent cash is received in lieu of fractional common shares and certain other conditions are present, as described below under &#147;&#151;<I>Sale or
other taxable disposition of the Securities</I>&#148;). However, if a cashless exercise of <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants results in a taxable exchange, as described in &#147;&#151;<I>Tax considerations applicable to
U.S. holders&#151;Exercise of <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants</I>,&#148; the rules described below under &#147;&#151;<I>Sale or other taxable disposition of the Securities</I>&#148; would apply. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Sale or other taxable disposition of the Securities </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subject to the discussions below on backup withholding and foreign accounts, a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder will not be subject to
U.S. federal income tax on any gain realized upon the sale or other disposition of the Securities unless: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the gain is effectively connected with the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder&#146;s conduct
of a trade or business within the United States (and, if required by an applicable income tax treaty, the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder maintains a permanent establishment in the United States to which such gain is
attributable); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder is a nonresident alien individual present in the
United States for 183 days or more during the taxable year of the disposition and certain other requirements are met; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Securities constitute U.S. real property interests (&#147;USRPIs&#148;) by reason of our status as a U.S.
real property holding corporation (&#147;USRPHC&#148;) for U.S. federal income tax purposes. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gain described in the first bullet point
above will generally be subject to U.S. federal income tax on a net income basis at the regular rates applicable to U.S. persons. A <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder that is a foreign corporation also may be subject to a branch
profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such effectively connected gain, as adjusted for certain items. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder described in the second bullet point above will be subject to U.S. federal income tax at a rate of
30% (or such lower rate specified by an applicable income tax treaty) on any gain realized upon the sale or other taxable disposition of the Securities, which may be offset by certain U.S. source capital losses of the
<FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder (even though the individual is not considered a resident of the United States) provided the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder has timely filed U.S. federal income tax
returns with respect to such losses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With respect to the third bullet point above, we believe we are not currently and do not anticipate becoming a
USRPHC. Because the determination of whether we are a USRPHC depends on the fair market value of our USRPIs relative to the fair market value of our other business assets and our <FONT STYLE="white-space:nowrap">non-U.S.</FONT> real property
interests, however, there can be no assurance we are not a USRPHC or will not become one in the future. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-U.S.</FONT>
holders should consult their tax advisors regarding potentially applicable income tax treaties that may provide for different rules. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Constructive dividends on <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder of <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants can be treated as receiving deemed
payment of a taxable dividend under certain circumstances as a result of an adjustment or the <FONT STYLE="white-space:nowrap">non-occurrence</FONT> of an adjustment to the exercise price or number of shares of common stock issuable upon exercise of
the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrant. Any resulting withholding tax attributable to deemed dividends may be collected from other amounts payable or distributable to the <FONT STYLE="white-space:nowrap">non-U.S.</FONT>
holder. <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> holders should consult their tax advisors regarding the proper treatment of any adjustments to the <FONT STYLE="white-space:nowrap">pre-funded</FONT> warrants. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Information reporting and backup withholding </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holder will not be subject to backup withholding with respect to distributions on the Securities we make to the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder (including constructive dividends),
provided the applicable withholding agent does not have actual knowledge or reason to know such holder is a United States person and the holder certifies its <FONT STYLE="white-space:nowrap">non-U.S.</FONT> status, such as by providing a valid IRS
Form <FONT STYLE="white-space:nowrap">W-8BEN,</FONT> <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E</FONT></FONT> or <FONT STYLE="white-space:nowrap">W-8ECI,</FONT> or other applicable certification. However, information
returns generally will be filed with the IRS in connection with any distributions (including deemed distributions) made on the Securities to the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder, regardless of whether any tax was actually
withheld. Copies of these information returns may also be made available under the provisions of a specific treaty or agreement to the tax authorities of the country in which the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder resides or is
established. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Information reporting and backup withholding may apply to the proceeds of a sale or other taxable disposition of the Securities within the
United States, and information reporting may (although backup withholding generally will not) apply to the proceeds of a sale or other taxable disposition of the Securities outside the United States conducted through certain U.S.-related financial
intermediaries, in each case, unless the beneficial owner certifies under penalty of perjury that it is a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder on IRS Form <FONT STYLE="white-space:nowrap">W-8BEN</FONT> or <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E,</FONT></FONT> or other applicable form (and the payor does not have actual knowledge or reason to know that the beneficial owner is a U.S. person) or such owner otherwise
establishes an exemption. Proceeds of a disposition of the Securities conducted through a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> office of a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> broker generally will not be subject to backup
withholding or information reporting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed
as a refund or a credit against a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder&#146;s U.S. federal income tax liability, provided the required information is timely furnished to the IRS. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Additional withholding tax on payments made to foreign accounts </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Withholding taxes may be imposed under the Foreign Account Tax Compliance Act (&#147;FATCA&#148;) on certain types of payments made to <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> financial institutions and certain other <FONT STYLE="white-space:nowrap">non-U.S.</FONT> entities. Specifically, a 30% withholding tax may be imposed on dividends (including deemed dividends) paid on the
Securities, or (subject to the proposed Treasury Regulations discussed below) gross proceeds from the sale or other disposition of the Securities paid to a &#147;foreign financial institution&#148; or a
<FONT STYLE="white-space:nowrap">&#147;non-financial</FONT> foreign entity&#148; (each as defined in the Code), unless (1)&nbsp;the foreign financial institution undertakes certain diligence and reporting obligations, (2)&nbsp;the <FONT
STYLE="white-space:nowrap">non-financial</FONT> foreign entity either certifies it does not have any &#147;substantial United States owners&#148; (as defined in the Code) or furnishes identifying information regarding each substantial United States
owner, or (3)&nbsp;the foreign financial institution or <FONT STYLE="white-space:nowrap">non-financial</FONT> foreign entity otherwise qualifies for an exemption from these rules. If the payee is a foreign financial institution and is subject to the
diligence and reporting requirements in (1)&nbsp;above, it must enter into an agreement with the U.S. Department of the Treasury requiring, among other things, that it undertake to identify accounts held by certain &#147;specified United States
persons&#148; or &#147;United States-owned foreign entities&#148; (each as defined in the Code), annually report certain information about such accounts, and withhold 30% on certain payments to <FONT STYLE="white-space:nowrap">non-compliant</FONT>
foreign financial institutions and certain other account holders. Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the applicable Treasury Regulations and administrative guidance, withholding under FATCA generally
applies to payments of dividends (including deemed dividends). Because we may not know the extent to which a distribution (including a deemed distribution) is a dividend for U.S. federal income tax purposes at the time it is made, for purposes of
these withholding rules we or the applicable withholding agent may treat the entire distribution as a dividend. While withholding under FATCA would have applied also to payments of gross proceeds from the sale or other disposition of the Securities
on or after January&nbsp;1, 2019, proposed Treasury Regulations eliminate FATCA withholding on payments of gross proceeds entirely. Taxpayers generally may rely on these proposed Treasury Regulations until final Treasury Regulations are issued. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Prospective investors should consult their tax advisors regarding the potential application of these withholding provisions. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>General </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additional conforming changes are hereby made to
the Preliminary Prospectus Supplement to reflect the changes described in this free writing prospectus. All terms of the Preliminary Prospectus Supplement applicable to our common stock will be applicable to the shares underlying the <FONT
STYLE="white-space:nowrap">pre-warrants</FONT> upon issuance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have filed a registration statement, including the Preliminary Prospectus Supplement,
with the SEC for the offering to which this communication relates. Before you invest, you should read the Preliminary Prospectus Supplement, the Base Prospectus and other documents we have filed with the SEC for more complete information about the
Company and the offering. You may get these documents for free by visiting EDGAR on the SEC website at <I>www.sec.gov</I>. Alternatively, copies may be obtained by contacting J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY 11717 or by email at <FONT STYLE="white-space:nowrap">prospectus-eq_fi@jpmchase.com</FONT> and postsalemanualrequests@broadridge.com; or Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison
Avenue, New York, NY 10022, by telephone at (877) <FONT STYLE="white-space:nowrap">547-6340,</FONT> or by email at Prospectus_Department@Jefferies.com; or TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York, NY 10017, by telephone at (855) <FONT
STYLE="white-space:nowrap">495-9846,</FONT> or by email at TD.ECM_Prospectus@tdsecurities.com; BofA Securities <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">NC1-022-02-25,</FONT></FONT></FONT> 201
North Tryon Street, Charlotte, NC 28255, Attn: Prospectus Department, or by email at dg.prospectus_requests@bofa.com; or Wells Fargo Securities, 90 South 7th Street, 5th Floor, Minneapolis, MN 55402, by telephone at <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">800-645-3751</FONT></FONT> (option #5) or by email at WFScustomerservice@wellsfargo.com. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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