<SEC-DOCUMENT>0001047469-18-002966.txt : 20180419
<SEC-HEADER>0001047469-18-002966.hdr.sgml : 20180419
<ACCEPTANCE-DATETIME>20180419161158
ACCESSION NUMBER:		0001047469-18-002966
CONFORMED SUBMISSION TYPE:	424B4
PUBLIC DOCUMENT COUNT:		21
FILED AS OF DATE:		20180419
DATE AS OF CHANGE:		20180419

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GRAFTECH INTERNATIONAL LTD
		CENTRAL INDEX KEY:			0000931148
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRICAL INDUSTRIAL APPARATUS [3620]
		IRS NUMBER:				272496053
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-223791
		FILM NUMBER:		18763917

	BUSINESS ADDRESS:	
		STREET 1:		982 KEYNOTE CIRCLE
		CITY:			BROOKLYN HEIGHTS
		STATE:			OH
		ZIP:			44131
		BUSINESS PHONE:		2166762000

	MAIL ADDRESS:	
		STREET 1:		982 KEYNOTE CIRCLE
		CITY:			BROOKLYN HEIGHTS
		STATE:			OH
		ZIP:			44131

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UCAR INTERNATIONAL INC
		DATE OF NAME CHANGE:	19941011
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B4
<SEQUENCE>1
<FILENAME>a2235378z424b4.htm
<DESCRIPTION>424B4
<TEXT>
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<P><FONT SIZE=3 >
Use these links to rapidly review the document<BR>
<A HREF="#bg71304_table_of_contents">  Table of contents</A> <BR>
<A HREF="#fa71304_index_to_financial_statements">  Index to financial statements</A><BR></font>
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<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><A
NAME="bc71304_filed_pursuant_to_rule__bc701423"> </A>
<A NAME="toc_bc71304_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Filed Pursuant to Rule 424(b)(4)<BR>  Registration No. 333-223791    <BR>    </B></FONT></P>

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

<P style="font-family:arial;"><FONT SIZE=5><B><I>35,000,000 shares  </I></B></FONT></P>


<P style="font-family:arial;"><FONT SIZE=5><B>
<IMG SRC="g100914.jpg" ALT="LOGO" WIDTH="216" HEIGHT="63">
  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=5><B><I> Common stock  </I></B></FONT></P>

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

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<BR>  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>This is an initial public offering of common stock of GrafTech International&nbsp;Ltd. The selling stockholder identified in this prospectus is selling
35,000,000 shares of our common stock. We will not receive any of the proceeds from the sale of shares of our common stock by the selling stockholder. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>This
is our initial public offering and no public market currently exists for our common stock. The initial public offering price is $15.00 per share. Our common stock has been approved for listing on
the New York Stock Exchange (NYSE) under the symbol "EAF." </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B>We are an "emerging growth company" as defined in Section&nbsp;2(a) of the Securities Act of 1933, as amended (or the Securities Act) and will be subject to reduced public
company reporting requirements. See "Prospectus Summary&#151;Implications of Being an Emerging Growth Company."  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B>Investing in our common stock involves risks. See "Risk Factors" beginning on page&nbsp;27.</B></FONT></P>
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<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2><B>Per share</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2><B>Total </B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
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</B></FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2>Public offering price</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>

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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>15.00</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>525,000,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-top:13pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Underwriting discount<SUP>(1)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
0.8062</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
28,212,969</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-top:13pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Proceeds to the selling stockholder (before expenses)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
14.1938</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
496,787,031 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


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<DIV style="padding:0pt;position:relative;text-align:left;margin-left:0%;">
 <P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><font
style="font-size:6pt;position:relative;top:-2pt;add_sup:2pt;">(1)</font>&nbsp;&nbsp;See
"Underwriting" beginning on page&nbsp;173 of the prospectus for additional information regarding total underwriting compensation. The underwriters will not receive
an underwriting discount or commission on the sale of our common stock to one independent director nominee, which allocation was made at our direction. The selling stockholder will receive the full
public offering price for these shares. See "Certain relationships and related party transactions&#151;Participation in our Initial Public Offering" for additional information regarding the
sale of our common stock to this independent director&nbsp;nominee. </FONT></P>
 </DIV>
 <P style="font-family:arial;"><FONT SIZE=2>The
selling stockholder has granted the underwriters the right to purchase up to 5,250,000 additional shares of common stock at the public offering price less underwriting discounts and commissions,
for the purpose of covering overallotments. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
underwriters expect to deliver the shares of common stock to investors on or about April&nbsp;23, 2018. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B>Neither the Securities and Exchange Commission (or SEC) nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is
truthful or complete. Any representation to the contrary is a criminal offense.</B></FONT></P>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=4><B>J.P. Morgan</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=4>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=4>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=4>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=4><B> Credit Suisse</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=4>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=4>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=4>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=4>&nbsp;</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=4><B>Citigroup</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=4>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=4><B> RBC Capital Markets</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=4>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=4><B> HSBC</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=4>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=4>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=4>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=4>&nbsp;</FONT></TD>
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<TD WIDTH="2%" style="font-family:arial;"></TD>
<TD WIDTH="81pt" style="font-family:arial;"></TD>
<TD WIDTH="2%" style="font-family:arial;"></TD>
<TD WIDTH="122pt" style="font-family:arial;"></TD>
<TD WIDTH="2%" style="font-family:arial;"></TD>
<TD WIDTH="139pt" style="font-family:arial;"></TD>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><B>BMO Capital Markets</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><B> BNP PARIBAS</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><B> CIBC Capital Markets</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><B> National Bank Financial</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><B> TD Securities</B></FONT></TD>
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 <P style="font-family:arial;"><FONT SIZE=2>The date of this prospectus is April&nbsp;18, 2018. </FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><A
NAME="BG71304A_main_toc"></A> </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B>We are responsible for the information contained in this prospectus and in any related free-writing prospectus we may prepare or authorize to be
delivered to you. We have not authorized anyone to give you any other information, and we take no responsibility for any other information that others may give you. We and the selling stockholder are
not, and the underwriters are not, making an offer of these securities in any jurisdiction where the offer is not permitted. You should not assume that the information contained in this prospectus is
accurate as of any date other than the date on the front of this prospectus.</B></FONT></P>

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Table of contents    <BR>  </B></FONT></P>


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<A NAME="BG71304_TOC"></A> </FONT></P>
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<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#bi71304_market_and_industry_data_and_forecasts"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Market and industry data and forecasts</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#bi71304_market_and_industry_data_and_forecasts"><FONT SIZE=2>ii</FONT></A></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#ca71304_prospectus_summary"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Prospectus summary</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#ca71304_prospectus_summary"><FONT SIZE=2>1</FONT></A></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#da71304_risk_factors"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Risk factors</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#da71304_risk_factors"><FONT SIZE=2>27</FONT></A></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#de71304_special_note_regarding_forward-looking_statements"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Special note regarding forward-looking statements</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#de71304_special_note_regarding_forward-looking_statements"><FONT SIZE=2>51</FONT></A></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#de71304_use_of_proceeds"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Use of proceeds</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#de71304_use_of_proceeds"><FONT SIZE=2>54</FONT></A></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#de71304_dividend_policy"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dividend policy</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#de71304_dividend_policy"><FONT SIZE=2>54</FONT></A></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#de71304_capitalization"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Capitalization</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#de71304_capitalization"><FONT SIZE=2>56</FONT></A></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#de71304_dilution"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dilution</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#de71304_dilution"><FONT SIZE=2>58</FONT></A></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#dg71304_selected_historical_co__dg702282"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Selected historical consolidated financial and other data</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#dg71304_selected_historical_co__dg702282"><FONT SIZE=2>59</FONT></A></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#di71304_management_s_discussion_and_an__man03466"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Management's discussion and analysis of financial condition and results of
operations</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#di71304_management_s_discussion_and_an__man03466"><FONT SIZE=2>64</FONT></A></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#dq71304_business"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Business</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#dq71304_business"><FONT SIZE=2>100</FONT></A></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#du71304_industry"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Industry</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#du71304_industry"><FONT SIZE=2>125</FONT></A></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#dw71304_management"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Management</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#dw71304_management"><FONT SIZE=2>140</FONT></A></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#dy71304_executive_compensation"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Executive compensation</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#dy71304_executive_compensation"><FONT SIZE=2>147</FONT></A></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#dy71304_certain_relationships_and_related_party_transactions"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Certain relationships and related party transactions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#dy71304_certain_relationships_and_related_party_transactions"><FONT SIZE=2>156</FONT></A></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#dy71304_principal_stockholders_and_selling_stockholder"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Principal stockholders and selling stockholder</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#dy71304_principal_stockholders_and_selling_stockholder"><FONT SIZE=2>160</FONT></A></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#ea71304_description_of_capital_stock"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Description of capital stock</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#ea71304_description_of_capital_stock"><FONT SIZE=2>162</FONT></A></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#ec71304_shares_eligible_for_future_sale"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Shares eligible for future sale</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#ec71304_shares_eligible_for_future_sale"><FONT SIZE=2>168</FONT></A></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#ec71304_material_u.s._federal_income_t__mat02456"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Material U.S. federal income tax considerations to non-U.S.
holders</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#ec71304_material_u.s._federal_income_t__mat02456"><FONT SIZE=2>170</FONT></A></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#ee71304_underwriting"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Underwriting</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#ee71304_underwriting"><FONT SIZE=2>173</FONT></A></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#eg71304_legal_matters"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Legal matters</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#eg71304_legal_matters"><FONT SIZE=2>183</FONT></A></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#eg71304_experts"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Experts</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#eg71304_experts"><FONT SIZE=2>183</FONT></A></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#eg71304_where_you_can_find_more_information"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Where you can find more information</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#eg71304_where_you_can_find_more_information"><FONT SIZE=2>184</FONT></A></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#fa71304_index_to_financial_statements"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Index to financial statements</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#fa71304_index_to_financial_statements"><FONT SIZE=2>F-1</FONT></A></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
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Market and industry data and forecasts    <BR>  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Certain market and industry data included in this prospectus has been obtained from third party sources that we believe to be reliable. Market
estimates are calculated by using independent industry publications, government publications and third party forecasts in conjunction with our assumptions about our markets. We have not independently
verified such third party information. While we are not aware of any misstatements regarding any market, industry or similar data presented herein, such data involves risks and uncertainties and is
subject to change based on various factors, including those discussed under the headings "Special Note Regarding Forward-Looking Statements" and "Risk Factors" in this prospectus. </FONT></P>

<P style="font-family:arial;;margin-left:12.0pt;text-indent:-12.0pt;"><FONT SIZE=3><B>


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Trademarks  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We own or otherwise have rights to the trademarks, service marks, copyrights and trade names, including those mentioned in this prospectus,
used in conjunction with the marketing and sale of our products and services. This prospectus includes trademarks, which are protected under applicable intellectual property laws and are our property
and/or the property of our subsidiaries. This prospectus may also contain trademarks, service marks, copyrights and trade names of other companies, which are the property of their respective owners.
We do not intend our use or display of other companies' trademarks, service marks, copyrights or trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies.
Solely for convenience, our trademarks, service marks and trade names referred to in this prospectus may appear without the &reg;, &#153;, or SM symbols, but such references are not
intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights to these trademarks, service marks and trade names. </FONT></P>

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

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

<P style="font-family:arial;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
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NAME="ca71304_prospectus_summary"> </A>
<A NAME="toc_ca71304_1"> </A></FONT> <FONT SIZE=4><B>


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Prospectus summary    <BR>  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I>This summary highlights information contained elsewhere in this prospectus. It may not contain all the information
that may be important to you. You should read the entire prospectus carefully, including the section entitled "Risk Factors" and our financial statements and the related notes included elsewhere in
this prospectus, before making an investment decision to purchase shares of our common stock.</I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I>Unless the context suggests otherwise, references in this prospectus to "GrafTech," the "Company," "we," "us," and "our" refer to GrafTech International&nbsp;Ltd., a Delaware
corporation, and its consolidated subsidiaries. See "Our company" below for more information. References in this prospectus to the "selling stockholder" refer to BCP IV GrafTech Holdings&nbsp;LP, an
affiliate of Brookfield Asset Management&nbsp;Inc. and Brookfield Business Partners&nbsp;L.P., and the direct owner of GrafTech. References in this prospectus to "Brookfield" refer to Brookfield
Asset Management&nbsp;Inc. and its affiliates. All dollar amounts in this prospectus are in U.S. dollars and are expressed in thousands unless specified otherwise. The financial statements have been
prepared in accordance with generally accepted accounting principles in the United States (or GAAP).</I></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;;margin-left:12.0pt;text-indent:-12.0pt;"><FONT SIZE=3><B>


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Our company  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We are a leading manufacturer of high quality graphite electrode products essential to the production of electric arc furnace (or EAF) steel
and other ferrous and non-ferrous metals. We believe that we have the most competitive portfolio of low-cost graphite electrode manufacturing facilities in the industry, including three of the five
highest capacity facilities in the world (excluding China). We are the only large scale graphite electrode producer that is substantially vertically integrated into petroleum needle coke, the primary
raw material for graphite electrode manufacturing, which is currently in limited supply. This unique position provides us with competitive advantages in product quality and cost. Founded in 1886, we
have over 125&nbsp;years of experience in the research and development (or R&amp;D) of graphite- and carbon-based solutions, and our intellectual property portfolio is extensive. We currently have
graphite electrode manufacturing facilities in Calais, France, Pamplona, Spain, Monterrey, Mexico and St.&nbsp;Marys, Pennsylvania. Our customers include major steel producers and other ferrous and
non-ferrous metal producers in Europe, the Middle East and Africa (or EMEA), the Americas and Asia-Pacific (or APAC), which sell their products into the automotive, construction, appliance, machinery,
equipment and transportation
industries. Our vision is to be the lowest cost, highest quality producer of graphite electrodes while providing the best customer service. Based on the high quality of our graphite electrodes,
reliability of our petroleum needle coke supply and our excellent customer service, we believe that we are viewed as the preferred supplier to the global EAF steel producer market. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Graphite
electrodes are an industrial consumable product used primarily in EAF steel production, one of the two primary methods of steel production and the steelmaking technology used by all
"mini-mills." Electrodes act as conductors of electricity in the furnace, generating sufficient heat to melt scrap metal, iron ore or other raw materials used to produce steel or other metals. We
estimate that, on average, the cost of graphite electrodes represents only approximately 1% to 5% of the total production cost of steel in a typical EAF, but they are essential to EAF steel
production. Graphite electrodes are currently the only known commercially available products that have the high levels of electrical conductivity and the capability to sustain the high levels of heat
generated in EAF steel production. As a result, EAF steel manufacturers have been willing to pay a premium for a reliable supply of high quality graphite electrodes, and, in some cases, to pass on
this premium to their customers in the form of surcharges. Graphite </FONT></P>
 </DIV>
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<P style="font-family:arial;"><FONT SIZE=2>electrodes
are also used in steel refining in ladle furnaces and in other processes, such as the production of titanium dioxide, stainless steel, aluminum, silicon metals and other ferrous and
non-ferrous metals. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Petroleum
needle coke, a crystalline form of carbon derived from decant oil, is the primary raw material used in the production of graphite electrodes. We achieved substantial vertical integration
with this critical raw material source through our acquisition of Seadrift Coke&nbsp;LP (or Seadrift) in November 2010, significantly reducing our reliance on other suppliers. The petroleum needle
coke industry is highly concentrated, with what we believe to be the largest producer, Phillips 66, controlling approximately 50% of capacity. We believe Seadrift is the second largest petroleum
needle coke producer in the world. We also believe that the quality of Seadrift's petroleum needle coke is superior for graphite electrode production compared to most of the petroleum needle coke
available to our peers on the open market, allowing us to produce higher quality electrodes in a cost-efficient manner. Additionally, we believe that this vertical integration provides a significant
cost advantage relative to our competitors in periods of tight
petroleum needle coke supply, such as the current market environment. We believe this cost advantage will grow as demand for petroleum needle coke increases for use in lithium-ion batteries in
electric vehicles. The demand for petroleum needle coke in lithium-ion batteries is growing rapidly, with usage going from approximately 1,000&nbsp;MT in 2014 to 60,000&nbsp;MT in 2017
(representing approximately 9% of 2017 petroleum needle coke demand). This rapidly growing alternative source of demand is a significant development for the petroleum needle coke industry and is
contributing to the global shortage in petroleum needle coke. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>According
to the World Steel Association (or WSA), EAFs accounted for 45%, or 367&nbsp;million metric tons (or MT), of global crude steel production (excluding China) in 2016. Between 1984 and 2011,
EAF steelmaking was the fastest-growing segment of the steel sector, with production increasing at an average rate of 3.5% per year, based on WSA data. Historically, EAF steel production has grown
faster than the overall steel market due to the greater resilience, more variable cost structure, lower capital intensity and more environmentally friendly nature of EAF steelmaking. This trend was
partially reversed between 2011 and 2015 due to global steel production overcapacity driven largely by Chinese blast furnace (or BOF) steel production. Beginning in 2016, efforts by the Chinese
government to restructure China's domestic steel industry have led to limits on Chinese BOF steel production and lower export levels. In addition, developed economies, which typically have much larger
EAF steel industries, have instituted a number of trade policies in support of domestic steel producers. As a result, since 2016, the EAF steel market has rebounded strongly and resumed its long-term
growth trajectory. This revival in EAF steel production has resulted in increased demand for our graphite electrodes. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>At
the same time, two supply-side structural changes have contributed to recent record high prices of graphite electrodes. First, ongoing consolidation and rationalization of graphite electrode
production capacity have limited the ability of graphite electrode producers to meet demand. We estimate that approximately 20% of graphite electrode industry production capacity (excluding China) has
been closed or repurposed since the beginning of 2014, and we believe the majority of these closures represent permanent reductions. Second, demand for petroleum needle coke has outpaced supply due to
increasing demand for petroleum needle coke for lithium-ion batteries used in electric vehicles. As a result, graphite electrode prices have recently reached record high prices. Historically, between
2006 and 2016, our weighted average realized price of graphite electrodes was approximately $4,500 per MT (on an inflation-adjusted basis using constant 2017 dollars) and fell to a historic low of
approximately $2,500 per MT in 2016. With the renewed demand for, and constrained supply of, graphite electrodes, industry spot prices reached record levels of as high as $15,000 to $30,000 per MT in
the first quarter of 2018. In light of improved market conditions, the long lead time required to produce our products, our position as one of the market's largest producers and our ability, through
our substantial vertical integration with Seadrift, to </FONT></P>
 </DIV>
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 <P style="font-family:arial;"><FONT SIZE=2>provide
customers with a reliable long-term supply of graphite electrodes despite the market shortage of petroleum needle coke, we have implemented a new commercial strategy to sell 60% to 65% of our
production capacity to our strategic customers through three- to five-year take-or-pay contracts. </FONT></P>


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


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<U>GrafTech historical weighted average realized prices and signed three- to five-year weighted
average contract prices for graphite electrodes</U>  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><B>
<IMG SRC="g713900.jpg" ALT="GRAPHIC" WIDTH="643" HEIGHT="277">
  </B></FONT></P>

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<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(1)&nbsp;&nbsp;&nbsp;&nbsp;Weighted average realized price for a period reflects the total revenues from sales of graphite electrodes for the period divided by the graphite
electrode sales volume for that period. The weighted average realized prices in this chart are shown in constant 2017 dollars for comparability. See "Management's Discussion and Analysis of Financial
Condition and Results of Operations&#151;Key Operating Metrics."  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(2)&nbsp;&nbsp;&nbsp;&nbsp;Weighted
average contract price for a period reflects the volume-weighted average price for graphite electrodes to be delivered under the three- to five-year take-or-pay contracts we
have entered into as of March&nbsp;1, 2018. All of these contracts have fixed prices and either fixed volumes (85% of the portfolio) or a specified volume range (15% of the portfolio). For those
contracts with a specified volume range, weighted average contract prices are computed using the volume midpoint. The aggregate difference between the volume midpoint and the minimum and maximum
volumes across our cumulative portfolio of take-or-pay contracts with specified volume ranges is approximately 5,000&nbsp;MT per year in&nbsp;2019-2022. See "Business&#151;Contracts
and&nbsp;Customers." </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>As a leading producer of graphite electrodes, we believe we are well-positioned to benefit from this industry transformation. In 2017, based on our three
currently operating facilities, we had the capability, depending on product demand and mix, to manufacture approximately 167,000 MT of graphite electrodes per year. We are also in the process of an
operational improvement and debottlenecking initiative and are on target to grow our production capacity at these facilities by approximately 21% to approximately 202,000 MT of production capacity by
the end of 2018. If we were then to restart our currently idled St.&nbsp;Marys facility, our overall production capacity would increase by another approximately 14% to 230,000 MT per year. This
total production capacity would be comparable to our largest competitor, which we estimate currently has a total of approximately 230,000 MT of production capacity (excluding China). We believe the
total worldwide graphite electrode production capacity was approximately 800,000 MT (excluding China), with a capacity utilization of approximately 90% (excluding China), in 2017. Electrode production
globally (excluding China) is focused on the manufacture of ultra-high power (or UHP) electrodes for EAFs, while the majority of Chinese production is of ladle electrodes for BOFs. The production of
UHP electrodes requires an extensive proprietary manufacturing process and material science knowledge, including the use of superior needle coke blends. As a result, graphite electrode producers
inside and outside of China are generally not in direct competition with each other for major product lines. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>On
August&nbsp;15, 2015, we became an indirect wholly owned subsidiary of Brookfield through a tender offer to shareholders and subsequent merger transaction. Brookfield is an experienced operator
of industrial, </FONT></P>
 </DIV>
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 <P style="font-family:arial;"><FONT SIZE=2>natural
resource and other tangible asset businesses. This transaction has provided us with a stable equity partner with experience in industrial sectors. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our
executive offices are located at 982 Keynote Circle, Brooklyn Heights, Ohio&nbsp;44131 and our telephone number is (216)&nbsp;676-2000. Our Internet website address is www.graftech.com.
Information on, or accessible through, our website is not part of this prospectus. We have included our website address only as an inactive textual reference and do not intend it to be an active link
to our website. </FONT></P>

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


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Key developments  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Three major developments have repositioned GrafTech and the graphite electrode industry for long-term growth and significantly improved our
financial and operating results:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the restructuring and repositioning of GrafTech; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the return of the EAF steel industry to long-term growth, leading to improved demand for graphite electrodes; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> structural changes in the graphite electrode and petroleum needle coke industries. </FONT></DD></DL>

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


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We have restructured and repositioned GrafTech for a sustainable leadership position in the graphite
electrode industry  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Since 2012, we have executed a three-part transformation plan to improve our competitive position and allow us to better serve our customers. </FONT></P>

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


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We have achieved annual fixed manufacturing cost improvements and capital expenditure reductions of
approximately $190&nbsp;million since 2012, while also improving the productivity of our plant network  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We have strategically shifted production from our lowest to our highest production capacity facilities to increase fixed cost absorption. In 2018, we expect
to produce a greater quantity of graphite electrodes from our three operating facilities in Calais, France, Pamplona, Spain and Monterrey, Mexico, than we did from our six operating facilities in
2012. As a result, we have achieved significant operating leverage at higher capacity utilizations. In our experience, high capacity manufacturing facilities can have operating costs of more than
$1,000 per MT lower than low capacity manufacturing facilities. In addition, we have streamlined fixed costs across our plant network, including a 50% headcount reduction at Seadrift since 2014 and an
optimization of Seadrift's systems and manufacturing process to reduce capital expenditure requirements. As a result of these actions, by the end of 2016, we had reduced our annual fixed manufacturing
costs by approximately $80&nbsp;million and our maintenance capital expenditure requirements by approximately $45&nbsp;million since 2012. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>By
the end of 2016, we had also reduced our annual overhead expenses by approximately $65&nbsp;million since 2012 by simplifying our corporate structure from a conglomerate model to a centralized
business focused exclusively on the production of graphite electrodes and petroleum needle coke. In addition, we have streamlined and combined our workforce and various administrative functions for
efficiency, and eliminated R&amp;D functions unrelated to graphite electrodes. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
addition to our fixed cost reductions, we have been able to achieve significant productivity improvements and variable cost reductions across our plants since 2014. We have improved our
manufacturing processes and made strategic investments across our plant network, which have improved productivity, including improvements of approximately 20% at both our Seadrift and Monterrey
plants, </FONT></P>
 </DIV>
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<P style="font-family:arial;"><FONT SIZE=2>while
also reducing our energy and raw material consumption. Our more efficient graphite electrode plants produced at record breaking levels in 2017. In 2017, the Calais and Pamplona plants exceeded
previous annual record production levels by 15% and 12%, respectively, and production at the Monterrey plant was 12% higher than the highest annual production level during the past 10&nbsp;years. We
have achieved these production increases by exploiting latent capacity in our plants, which historically have had uneven levels of capacity across each manufacturing process step, by removing
artificial constraints on cycle times and improving scheduling processes. The next stage of our operational improvement and debottlenecking initiative is a small capital program concentrated on the
graphitizing stage of production at our plants, which we expect will increase our current operating capacity by approximately 21%, or 35,000&nbsp;MT, by the end of 2018, allowing us to achieve
further improvements in our cost structure. As a result of our prior operational improvement activities, we are able to achieve this large capacity increase with specific, highly targeted capital
investments. We expect the capital investment for this initiative to be $37&nbsp;million. We believe that the optimization of our plant network will continue to drive improved fixed cost absorption
and meaningfully lower variable costs. </FONT></P>


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


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We have reoriented our commercial strategy  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In light of improved market conditions, the long lead time required to produce our products, our position as one of the market's largest producers and our
ability, through our substantial vertical integration with Seadrift, to provide customers with a reliable long-term supply of graphite electrodes despite the market shortage of petroleum needle coke,
we have implemented a new commercial strategy to sell approximately 60% to 65% of our production capacity to our strategic customers through three- to five-year take-or-pay contracts. These contracts
define volumes and prices, along with price-escalation mechanisms for inflation, and include significant termination payments (typically, 50% to 70% of remaining contracted revenue) and, in certain
cases, parent guarantees and collateral arrangements to manage our customer credit risk. These new commercial initiatives have led to approximately 636,000&nbsp;MT, or 60% to 65% of our cumulative
production capacity from 2018 to 2022, being contracted as of March&nbsp;1, 2018. Approximately 132,000&nbsp;MT of this contracted volume is for 2018. Together with sales volume committed by
purchase orders, approximately 96% of our 2018 production capacity is contracted or committed by purchase orders. For future years, our strategy is to retain approximately 35% to 40% of our production
capacity for sales on a shorter term or spot basis. Prices in the spot market have currently reached a level three to six times higher than our historical weighted average realized price of $4,500 per
MT (on an inflation-adjusted basis using constant 2017 dollars) between 2006 and 2016. We expect the incremental volume from our operational improvement and debottlenecking initiative to be available
to customers on a spot basis, further increasing our exposure to spot prices. Seadrift produces sufficient needle coke to supply 100% of the graphite electrode production that we have contracted under
our new take-or-pay contracts. In the first quarter of 2018, the estimated cost of goods sold (excluding depreciation) for electrodes produced with Seadrift needle coke is approximately $2,600/MT and
the
estimated variable cost (excluding needle coke and decant oil) is approximately $1,150/MT. To align with our three- to five-year contract profile, we have hedged the decant oil required to produce all
of the graphite electrodes sold under these contracts, providing us with substantial visibility into our future raw material costs. We intend to match the volume and term of our shorter term and spot
sales with our third party needle coke purchases. As our currently operating facilities are now operating at or near full production capacity, we also have reviewed our product portfolio and
restructured our sales force incentives to maximize the profitability of our product mix. </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>5</FONT></P>

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We are focused on being the industry's leading producer of the highest performing electrodes  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The divestiture of our non-core legacy Engineered Solutions businesses in 2016 and 2017 has allowed our management team to focus on our core competency of
graphite electrode production and generated approximately $60&nbsp;million in cash proceeds and release of working capital. By focusing our management's attention and R&amp;D spending exclusively on the
graphite electrode business, we have been able to meaningfully improve the quality of our graphite electrodes, repositioning ourselves as an industry quality leader and improving our relationships
with strategic customers. Our focus on improving the quality of petroleum needle coke through R&amp;D has led to our petroleum needle coke production at Seadrift now being best-in-class for use in the
manufacturing of highly durable UHP electrodes. Our customers have responded favorably to the increased quality of our graphite electrodes, and we have increased our market share with leading EAF
steel manufacturers as a result. </FONT></P>

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



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The EAF steel industry has strengthened, improving demand for our graphite electrodes  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Historically, EAF steel production has grown faster than the overall steel market due to the greater resilience, more variable cost structure,
lower capital intensity and more environmentally friendly nature of EAF steelmaking. This trend was partially reversed between 2011 and 2015 due to global steel production overcapacity driven largely
by Chinese BOF steel production. Beginning in 2016, efforts by the Chinese government to eliminate excess steelmaking production capacity and improve environmental and health conditions have led to
limits on Chinese BOF steel production, including the closure of over 200&nbsp;million MT of its steel production capacity, based on data from S&amp;P&nbsp;Global&nbsp;Platts and the Ministry of
Commerce of the People's Republic of China. In 2017, Chinese steel exports fell by more than 30% from 2016, including 17 consecutive months of year-over-year declines, according to the National Bureau
of Statistics of China. Reflecting the reduction in steelmaking production capacity, as of October 2017, Chinese steel imports had increased significantly year-over-year, including a 64%
year-over-year increase in semi-finished steel billet imports. Further, developed economies, which typically have much larger EAF steel industries, have instituted a number of trade policies in
support of domestic steel producers. Declining Chinese steel exports and increasing steel imports should provide additional opportunity for EAF producers outside of China to increase production,
thereby increasing demand for graphite electrodes. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
estimate that in 2017, EAF steel production grew at an annual pace of at least 8% to 10% compared with 5% for steelmaking overall. We believe EAF steel producers will continue to take market share
from BOF steel producers. As of 2016, according to the WSA, EAF steel production had grown to 67% of total U.S. steel production from 47% in 2000, 44% of total EMEA steel production from 33% in 2000
and 40% of total APAC (excluding China) steel production from 36% in 2000. Over the same period, global EAF production increased from 287&nbsp;million MT in 2000 to 418&nbsp;million MT in 2016,
while non-EAF steel production (excluding China) was flat at 453&nbsp;million MT in both 2000 and 2016. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
estimate that at least 105 new EAFs, reflecting 66&nbsp;million MT of new annual steelmaking production capacity, have been installed or have commenced construction in China in 2017, compared to
only 52&nbsp;million MT of Chinese EAF steel production in 2016. As a result of significantly increased steel production since 2000, the supply of Chinese scrap has increased substantially,
providing the Chinese EAF steel manufacturing industry with local scrap feedstock that was not historically available. We believe continued Chinese government environmental actions and an increasing
domestic scrap supply will support the ongoing global shift towards EAF steelmaking. Assuming completion of new EAF construction and full EAF capacity utilization, we estimate total graphite electrode
demand in China could increase in 2018 by over 100,000 MT from 2017. </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>6</FONT></P>

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The recent restructuring of the graphite electrode industry and changes in the petroleum needle coke industry
have reduced supply as demand is recovering  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Significant amounts of graphite electrode industry production capacity have recently been removed from the market globally. We estimate that
approximately 20% of industry production capacity (excluding China) has been closed or repurposed since the beginning of 2014. Some of these closed manufacturing facilities have sold off equipment,
been demolished, undertaken long-term environmental remediation or been repurposed for other manufacturing uses. Accordingly, we believe the majority of these closures represent permanent reductions.
As part of this overall industry rationalization, we permanently shut down two plants and temporarily idled our St.&nbsp;Marys plant, reducing our electrode manufacturing from six operating
facilities in 2012 to three operating facilities in 2017. Also, in October 2017, the third largest graphite electrode producer acquired the second largest producer. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>Further
affecting the availability of graphite electrodes, supplies of petroleum needle coke and coal tar (or pitch) needle coke, a less favorable substitute for petroleum needle coke, have been
limited starting in the second half of 2017. Demand for petroleum needle coke has outpaced supply due to increasing demand for petroleum needle coke in the production of lithium-ion batteries used in
electric vehicles. Supply of pitch for pitch needle coke production has fallen as a result of decreasing coke production for the BOF steel industry. These graphite electrode supply constraints have
coincided with the recovery in EAF demand for graphite electrodes, resulting in stronger market conditions for our products. </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>7</FONT></P>

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</FONT> <FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>&nbsp;<BR></FONT></P>


<P style="font-family:arial;"><FONT SIZE=2><I> </i></font></p>
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<P style="font-family:arial;"><FONT SIZE=2>The table below summarizes these key changes in the industry. </FONT></P>
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<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><B>2011&nbsp;-&nbsp;2015</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><B>2017 </B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>EAF Steel Industry</B></FONT><BR>
<FONT SIZE=2><I>Electrode Demand</I></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;text-align:left;"><FONT SIZE=2><B>


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 EAF steel production declined approximately 10% from 2011 to 2015 after growing faster than the overall steel market for more than 25&nbsp;years.</B></FONT><FONT SIZE=2><BR>
<BR></FONT> <FONT SIZE=2> </font> <p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2><I>China net exports
of BOF steel displaced EAF production worldwide.</I></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;text-align:left;"><FONT SIZE=2><B>


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 EAFs regained market share and resumed faster growth than the overall steel market.</B></FONT><FONT SIZE=2><BR>
<BR></FONT> <FONT SIZE=2> </font> <p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2><I>China steel exports
are down more than 30% in 2017 from 2016 and are continuing to fall, according to the National Bureau of Statistics of China.</I></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-top:13pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Graphite Electrodes</B></FONT><BR>
<FONT SIZE=2><I>Electrode Supply</I></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;text-align:left;"><FONT SIZE=2><B>


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 Oversupply driven by historic trough in demand and production capacity additions.</B></FONT><FONT SIZE=2><BR>
<BR></FONT> <FONT SIZE=2> </font> <p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2><I>We estimate global
production capacity (excluding China) was approximately 1,000,000 MT at 30 plants in 2013.</I></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;text-align:left;"><FONT SIZE=2>


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<BR></FONT> <FONT SIZE=2><B>We estimate that approximately 20% of graphite electrode production capacity (excluding China) has been closed or repurposed since the beginning of 2014.</B></FONT><FONT SIZE=2><BR>
<BR></FONT> <FONT SIZE=2> </font> <p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2><I>We estimate current
global graphite electrode production capacity (excluding China) is 800,000&nbsp;MT at 21&nbsp;plants.</I></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><p style="font-family:arial;margin-top:13pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-top:13pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Petroleum Needle Coke</B></FONT><BR>
<FONT SIZE=2><I>Electrode Supply</I></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;text-align:left;"><FONT SIZE=2><B>


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 Excess production capacity and cost disadvantage versus pitch needle coke.</B></FONT><FONT SIZE=2><BR>
<BR></FONT> <FONT SIZE=2> </font> <p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2><I>Reduced demand from
graphite electrodes.</I></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;text-align:left;"><FONT SIZE=2><B>


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 Tight supply due to new demand from lithium-ion batteries for electric vehicles and improving graphite electrode demand.</B></FONT><FONT SIZE=2><BR>
<BR></FONT> <FONT SIZE=2> </font> <p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2><I>Increased demand
has led to pricing increases of four to six times for petroleum needle coke in the current market compared to one year ago.</I></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><p style="font-family:arial;margin-top:13pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;</FONT></TD>
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 </DIV>
 <P style="font-family:arial;"><FONT SIZE=2>During
the most recent demand trough, the combination of decreased demand from the EAF steel industry and overcapacity in the graphite electrode industry had an adverse effect on the profitability of
our operations, including a net loss of $235.8&nbsp;million for the year ended December&nbsp;31, 2016. We also experienced a net loss from continuing operations of $108.9&nbsp;million for the
year ended December&nbsp;31, 2016. However, as a result of the recent developments in the industry summarized above, we expect to experience significant improvement in our 2018 financial results
relative to these prior results. We also expect a high degree of stability in our future operating results due to our recent three- to five-year contracting initiative. As of March&nbsp;1, 2018, we
have entered into three- to five-year take-or-pay contracts to sell approximately 132,406, 138,446, 134,831, 117,600 and 112,883 MT in 2018, 2019, 2020, 2021 and 2022, respectively. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Set
forth below are selected preliminary estimated unaudited financial results from continuing operations for the two months ended February&nbsp;28, 2018 and the three months ended March&nbsp;31,
2018. These financial results are unaudited and should be considered preliminary and subject to change. We have provided </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>8</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <P style="font-family:arial;"><FONT SIZE=2>ranges,
rather than specific amounts, for the preliminary results described below as our final results remain subject to the completion of our closing procedures, final adjustments, developments that
may arise between now and the time the financial results are finalized, and management's and the audit committee's final reviews. Accordingly, you should not place undue reliance on this preliminary
data, which may differ materially from our final results. Please see "Risk Factors," "Special Note Regarding Forward-Looking Statements" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" for a discussion of certain factors that could result in differences between the preliminary financial data reported below and the final results. These preliminary
estimates should not be viewed as a substitute for our full unaudited condensed consolidated financial statements prepared in accordance with U.S.&nbsp;GAAP. In addition, they are not necessarily
indicative of the results to be achieved in any future period. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>These
estimates have been prepared by and are the responsibility of management. Our independent registered public accounting firm has not audited, compiled, performed any procedures on or reviewed the
preliminary financial data, and accordingly does not express an opinion or any other form of assurance with respect to the preliminary financial data. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>For
the two months ended February&nbsp;28, 2018, management estimates:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Sales volume in the range of approximately 27,800 to 28,600&nbsp;MT </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Weighted average realized price in the range of approximately
$9,925 to $9,975 per&nbsp;MT </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Net sales in the range of approximately $285 to $294&nbsp;million </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Cost of sales in the
range of approximately $92.5 to $97&nbsp;million </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Selling and administrative expenses in the range of approximately $10 to $11&nbsp;million including approximately $1.9 to
$2.4&nbsp;million
of expenses related to this offering and $0.3 to $0.5&nbsp;million of pension and other post-employment benefit (or OPEB) plan expenses </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Research and development expenses in the range of
approximately $0.2 to $0.4&nbsp;million </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Depreciation and amortization in the range of approximately $10.5 to $11.5&nbsp;million (included in cost of sales, selling and
administrative expenses, and research and development expenses above) </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Other expense in the range of approximately $1 to $1.5&nbsp;million including a non-cash loss on foreign currency
remeasurement of $1 to
$1.5&nbsp;million </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>For
the three months ended March 31, 2018, management estimates:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Sales volume in the range of approximately 43,000 to 44,000&nbsp;MT </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Weighted average realized price in the range of approximately
$10,000 to $10,150&nbsp;per&nbsp;MT </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Net sales in the range of approximately $440 to $460&nbsp;million </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Cost of sales in
the range of approximately $140 to $155&nbsp;million </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT>
<DD style="font-family:arial;"><FONT SIZE=2> Selling and administrative expenses in the range of approximately $16 to $17&nbsp;million including approximately $2.75 to
$3.25&nbsp;million of expenses related to this offering and $0.4 to $0.6&nbsp;million of pension and OPEB plan&nbsp;expenses </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Research and development expenses in the range of
approximately $0.3 to $0.7&nbsp;million </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Depreciation and amortization in the range of approximately $15.5 to $16.5&nbsp;million (included in cost of sales, selling and
administrative expenses, and research and development expenses above) </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Other expense in the range of approximately $1.5 to $2.5&nbsp;million including a non-cash loss on foreign currency
remeasurement of $1.5 to
$2.5&nbsp;million </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>Weighted
average realized price for the two months ended February&nbsp;28, 2018 benefited from a small portion of our electrode sales being sold on a spot basis. Industry spot prices are at record
levels of as high as $15,000 to $30,000 per MT. However, as a result of our recent three- to five-year contracting </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>9</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <P style="font-family:arial;"><FONT SIZE=2>initiative
and other sales commitments, approximately 96% of our 2018 production capacity is now contracted or committed by purchase orders and will not be available for spot sales. The weighted
average selling price of our currently contracted and committed orders for the remaining quarters of 2018 is expected to be approximately $9,650&nbsp;per&nbsp;MT. This represents a combination of
our three-to five-year take-or-pay contracts as well as other committed business for 2018, which was mostly negotiated in 2017 at lower prices. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
have made the strategic decision to service our long-term strategic customers through our contracted and committed purchase order volume in the second and third quarters of 2018, and as a result,
expect to have only minimal production volume available for sales into the spot market during those quarters. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
expect the results of our operational improvement and debottlenecking initiative to increase our production capacity by approximately 21% beginning in the fourth quarter of 2018. We expect the
majority of the incremental volume from our capacity expansion to be available for sale to customers on a spot basis going forward. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
expect that the quarter ended March&nbsp;31, 2018 will benefit from lower cost of goods sold than future quarters of 2018 due to higher input raw material purchase costs in 2018, which will be
reflected in cost of goods sold in future quarters. </FONT></P>

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Competitive strengths  </B></FONT></P>

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


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We are one of the two largest producers of graphite electrodes outside of China, accounting for approximately
21% of global production capacity (excluding China), and we believe our strategically positioned global footprint provides us with competitive advantages  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We believe our facilities are among the most strategically located and lowest cost large-scale graphite electrode manufacturing plants in the
world. Of the 21 graphite electrode manufacturing facilities currently operating outside of China, we estimate that our three operating manufacturing facilities represent approximately 21% of
estimated production capacity for graphite electrodes, making us a critical supplier to global EAF steel manufacturers. Our manufacturing facilities are located in the Americas and EMEA, providing us
with access to low-cost and reliable energy sources, logistical and freight advantages in sourcing raw materials and shipping our graphite electrodes to our customers compared to our competitors, and
excellent visibility into the large North American and European EAF steelmaking markets. Our experience in producing graphite electrodes for a varied global customer base positions us to meet customer
requirements across a range of product types and quality levels, including support and technical services, further distinguishing us from our competitors. </FONT></P>


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


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We are a pure-play provider of an essential consumable for EAF steel producers, the fastest-growing sector of
the steel industry  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We estimate that EAF steelmaking grew at an annual pace of at least 8% to 10% in 2017, compared with 5% for steelmaking overall. As a result
of the increasing global availability of steel scrap and the more resilient, high-variable cost and environmentally friendly EAF model, we expect EAF producers to continue to grow at a faster rate
than BOF producers globally. Additionally, EAF producers are increasingly able to utilize higher quality scrap and iron units, their two primary raw materials, to produce higher quality steel grades
and capture market share from BOF producers, while maintaining a favorable cost structure. According to the WSA, in EMEA and the Americas, which together made up 92% of our 2017 net sales, EAF </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>10</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>producers
have increased market share from approximately 37% in 2000 to 48% in 2016, reflecting growth from 190&nbsp;million MT to 237&nbsp;million MT. In APAC, which made up approximately 9% of
our 2017 net sales, government initiatives in China are expected to result in a greater use of the EAF method in steelmaking despite the historical dominance of BOF producers. These initiatives are
the result of efforts to eliminate excess steelmaking production capacity and to improve environmental conditions. The EAF method produces approximately 25% of the carbon dioxide (or CO<SUB>2</SUB>)
emissions of a BOF facility and does not require the smelting of virgin iron ore or the burning of coal. Additionally, as a result of significantly increased steel production in China since 2000, the
supply of Chinese scrap is expected to increase substantially, which may result in lower scrap prices and provide the Chinese steel manufacturing industry with local scrap feedstock that was not
historically available. We believe these trends will allow EAF steel producers to increase their market share and grow at a faster rate than BOF steel producers, resulting in increasing demand for
graphite electrodes. </FONT></P>

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We have capital-efficient growth opportunities available to us  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The graphite electrode industry responded to oversupplied markets from 2011 to 2015 with production capacity rationalization and
consolidation, and after the normalization of the market for EAF steel in 2017, we expect the resulting graphite electrode supply deficit could last for some time. Additionally, we believe the lead
time from initial permitting to full production of a greenfield graphite electrode manufacturing facility would be approximately five to ten years and cost approximately $10,000 per MT. Similarly,
brownfield development is complicated by significant capital costs and space and process constraints. Only one new greenfield graphite electrode facility outside of China has been built since the
1980s and only one significant brownfield expansion has occurred, reflecting the historical difficulty of adding further graphite electrode production capacity. As a result of this long and uncertain
time horizon to build new plants, we believe only a few companies have the necessary technology and expertise to meet the rising demand for graphite electrodes. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>Our
current facilities are modern, strategically located and well-maintained, providing us with ample operational optimization capabilities. We are in the process of expanding our current production
capacity of 167,000 MT by approximately 21%, or 35,000 MT, by the end of 2018 through strategic capital investments
and operational improvements in baking cycles and the graphitization process. We estimate that the capital cost to achieve this production capacity expansion is approximately $37&nbsp;million, or
approximately $1,000 per MT. As a result of our prior operational improvement activities, we are able to achieve this large capacity increase with specific, highly targeted capital investments. We
expect these expansions to provide additional fixed cost absorption and drive further efficiencies of scale across our manufacturing base. We also can increase production by resuming production at our
currently idled St.&nbsp;Marys facility, depending on market conditions, which would add 28,000 MT, or an increase of approximately 14%, to our expected production capacity at the end of 2018. We
believe that resuming production at our St.&nbsp;Marys facility, which we believe is cost-competitive with facilities currently operated by our competitors, would cost approximately
$5&nbsp;million to $11&nbsp;million in capital expenditures and start-up staffing requirements, depending on our targeted production capacity. </FONT></P>

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


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We believe we have the industry's most efficient production platform of high production capacity assets with
substantial vertical integration  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Based on our experience, high capacity manufacturing facilities can have operating costs of more than $1,000 per MT lower than low capacity
manufacturing facilities. Our recent restructuring activities have included the closures of our lower capacity manufacturing facilities in South Africa and Brazil and the </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>11</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2><I> </i></font></p>
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 <P style="font-family:arial;"><FONT SIZE=2>idling
of our St.&nbsp;Marys facility, which together accounted for approximately 35% of our previous production capacity. Our restructuring actions have eliminated approximately $125&nbsp;million
of annual fixed manufacturing costs and maintenance capital expenditure requirements since 2012. These actions allow us to run our Calais, Pamplona and Monterrey plants at or near 100% capacity
utilization. Since 2014, we have also improved our manufacturing processes and made strategic investments across our plant network, which have improved productivity while also reducing our energy and
raw material consumption. Following
our footprint optimization, we expect to produce a greater quantity of graphite electrodes in 2018 from our three operating facilities than we did from our six operating facilities in 2012. In 2017,
the Calais and Pamplona plants exceeded previous annual record production levels by 15% and 12%, respectively, and production at the Monterrey plant was 12% higher than the highest annual production
level during the past 10 years. We believe that the optimization of our plant network will continue to drive improved fixed cost absorption and meaningfully lower variable costs. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>Moreover,
our Seadrift, Calais, Pamplona, Monterrey and St.&nbsp;Marys facilities each provide unique advantages for us. On average, petroleum needle coke represents 25% to 45% of our graphite
electrode manufacturing costs, with labor representing only 5% to 10%. Seadrift provides a substantial portion of our petroleum needle coke supply needs internally and at a competitive cost and allows
us to maximize capacity utilization more efficiently than competitors, who may be more constrained by petroleum needle coke supply. Seadrift is one of only five petroleum needle coke facilities in the
world, excluding a small facility in China, and we believe it is the second largest petroleum needle coke producer in the world. We also believe that Calais, Pamplona and Monterrey are three of the
five highest capacity graphite electrode facilities in the world (excluding China), allowing for significant operating leverage. We believe our facilities have significant cost advantages given their
scale and access to low cost, reliable energy sources. While much of the production capacity rationalized during the downturn was permanently shut down, we temporarily idled our St.&nbsp;Marys
facility and retain the option to restart it. We believe that our St.&nbsp;Marys facility could be cost-competitive with facilities currently operated by our competitors, and we continue to monitor
petroleum needle coke availability to assess restarting the plant. </FONT></P>

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


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We are the only petroleum needle coke producer in the world specifically focused on the production of
graphite electrodes  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our production of petroleum needle coke specifically for graphite electrodes provides us the opportunity to produce super premium petroleum
needle coke of the highest quality and allows us to tailor graphite electrodes for customer requirements. Seadrift has 140,000 MT of petroleum needle coke production capacity, which we believe makes
it the second largest petroleum needle coke producer in the world. We believe that no petroleum needle coke production capacity has been added outside of China for at least 10&nbsp;years, given high
capital costs and technological barriers. Additionally, the growing petroleum needle coke demand from manufacturers of lithium-ion batteries for electric vehicles has created a shortage of petroleum
needle coke available to graphite electrode manufacturers. Sourcing the majority of our petroleum needle coke internally allows us to offer our customers certainty of supply, further enhancing our
competitive position and supporting our new three- to five-year, take-or-pay contracts strategy. To align with our three- to five-year contract profile, we have hedged the decant oil required to
produce all of the graphite electrodes sold under these contracts, providing us with substantial visibility into our future raw material costs. We believe our use of petroleum needle coke is a further
competitive advantage, as the use of pitch needle coke, an alternative raw material, results in longer bake times during graphite electrode production, significantly affecting graphite electrode
production rates and cost. Finally,
the decline in the price of oil and increase in the price of coal tar pitch in recent years has further improved the competitive advantage of using petroleum needle coke relative to pitch needle coke. </FONT></P>
 </DIV>
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<P style="font-family:arial;"><FONT SIZE=2>&nbsp;<BR></FONT></P>


<P style="font-family:arial;"><FONT SIZE=2><I> </i></font></p>
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Our graphite electrodes and petroleum needle coke are among the highest quality in the industry  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>After the divestiture of our non-core legacy Engineered Solutions businesses in 2016 and 2017, we focused on our core competency of graphite
electrode production and generated approximately $60&nbsp;million in cash proceeds and release of working capital from these divestitures. Our restructured and simplified business model has reduced
our annual overhead expenses by approximately $65&nbsp;million since 2012, allowing us to redeploy the savings into our graphite electrode business. We have identified and implemented mechanical and
chemical improvements to our electrodes, invested in the capability to produce super premium petroleum needle coke needed for high-margin UHP graphite electrodes, and optimized our production of pins
at our Monterrey plant, which are a critical component used to connect and fasten graphite electrodes together in a furnace. By producing pins at our Monterrey plant, we are able to realize meaningful
fixed-cost synergies with our graphite electrode production on site. As a result, we believe the quality and the consistency of our electrodes is unrivaled in North America and EMEA and on par with
that of any producer globally. We have seen customer satisfaction rise to ten-year highs at a time when the industry has been focused on production capacity rationalization rather than quality. We
believe the durability and infrequent breakage of our graphite electrodes create operating efficiencies and value opportunities for our customers. We also believe we have a competitive advantage in
offering customers our ArchiTech Furnace Productivity System (or ArchiTech), which we believe is the most advanced support and technical service platform in the graphite electrode industry. ArchiTech,
which has been installed in 145 customer furnaces, enables our engineers to work with our customers seamlessly to maximize the performance of their furnaces and provide real-time diagnostics and
troubleshooting. We believe our customers value our high quality products and customer service, and have provided us with opportunities to expand our business with them as a result. </FONT></P>

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


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Our experienced executive leadership and general managers and flexible workforce have positioned us for
future earnings growth  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our seasoned leadership is committed to earnings growth. We have undertaken strategic investments to increase our production capacity in a
capital-efficient manner while reducing our cost position. Our executive and manufacturing leadership have led manufacturing companies through many cycles and are focused on positioning us for
profitable growth in any environment. We expect to grow our production capacity by approximately 21%, or 35,000 MT, in 2018 as a result of our operational improvement and debottlenecking initiative
and a further 14%, or 28,000 MT, if we restart production at our currently idled St.&nbsp;Marys facility. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>Additionally,
since our acquisition by Brookfield, we have reorganized our manufacturing facilities as profit centers. We use LEAN manufacturing techniques, which focus on the constant elimination of
waste from the manufacturing process. We also rely on Six Sigma methods, a set of management techniques intended to improve quality by significantly reducing the probability that an error or defect
will occur. We believe the LEAN and Six Sigma initiatives have increased overall utilization by optimizing our plant production capacity and controlled costs while also improving quality. We also
redesigned general manager incentive plans to reward efficiency gains. Similarly, our labor force is incentivized to drive efficiencies through country-specific labor incentive plans. Further, we
believe our positive relations with our labor force allow for increased flexibility. </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>13</FONT></P>

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Business strategies  </B></FONT></P>

<P style="font-family:arial;;margin-left:12.0pt;text-indent:-12.0pt;"><FONT SIZE=3><B>


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Implement our new commercial strategy  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We believe our customers value certainty of supply of high quality graphite electrodes due to their mission-critical nature in the EAF
steelmaking process and relatively low cost compared to the total cost of steelmaking. In light of improved market conditions, the long lead time required to produce our products, our position as one
of the market's largest producers and our ability, through our substantial vertical integration with Seadrift, to provide customers with a reliable long-term supply of graphite
electrodes despite the market shortage of petroleum needle coke, we have implemented a new commercial strategy to sell 60% to 65% of our production capacity to our strategic customers through three-
to five-year take-or-pay contracts. In the new supply-constrained market environment, as of March&nbsp;1, 2018, we have secured minimum sales volume under three- to five-year take-or-pay contracts
for approximately 636,000&nbsp;MT, or approximately 60% to 65% of our cumulative production capacity from 2018 through&nbsp;2022. As of March&nbsp;1, 2018, 13% of these contracts are three- and
four-year contracts and 87% are five-year contracts. Furthermore, many of our customers have sought to purchase greater volumes from us than they have historically because of our reliable source of
petroleum needle coke and the high quality of our graphite electrodes. This new commercial strategy reflects a shift from our historic approach to sales, which were negotiated annually and on a
non-binding basis. </FONT></P>

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


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Grow production capacity through capital-efficient operational improvements and the restart of our
St.&nbsp;Marys facility  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We believe our well-maintained facilities provide us with opportunities to improve our production capacity by approximately 21% from current
production capacity levels with relatively low capital investments. We have improved our manufacturing processes and made strategic investments across our plant network, which have improved
productivity, including improvements of approximately 20% at both our Seadrift and Monterrey facilities, while also reducing our energy and raw material consumption. We have achieved these production
increases by exploiting latent capacity in our plants, which historically have had uneven levels of capacity across each manufacturing process step, by removing artificial constraints on cycle times
and improving scheduling processes. These improvements have had the additional advantage of reducing the capital expenditures required to achieve further production capacity increases through
debottlenecking. We plan to invest approximately $37&nbsp;million to optimize our bake schedules and graphitization processes as part of our operational improvement and debottlenecking initiative.
We expect these upgrades at our three operational facilities to include:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Calais: adding graphitizing furnaces and increasing graphitizing production capacity are expected to increase annual production capacity from
46,000 MT to 65,000 MT. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Pamplona: optimizing graphitization cycles, adding a new extrusion press to unlock graphitizing production capacity and adding a new
impregnation facility are expected to increase annual production capacity from 66,000&nbsp;MT to 76,000&nbsp;MT. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Monterrey: adding a new bake car, bigger furnace, second crane and additional longitudinal furnaces are expected to increase annual production
capacity from 55,000 MT to 61,000 MT. </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>As
a result of our prior operational improvement activities, we are able to achieve this large capacity increase with specific, highly targeted capital investments. We also continue to evaluate
restarting production at our St.&nbsp;Marys facility. Restarting our St.&nbsp;Marys facility would provide an additional 28,000 </FONT></P>
 </DIV>
<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>14</FONT></P>

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 <P style="font-family:arial;"><FONT SIZE=2>MT
of production capacity, or an incremental 14%. Our St.&nbsp;Marys facility has access to low-cost natural gas and electricity, providing what we believe to be a significant cost advantage
relative to our competitors. Additionally, its greater proximity to U.S. EAF and non-ferrous metals producers provides it with a further freight cost advantage. </FONT></P>

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Utilize our production efficiency program to support our focus on cost efficiency  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>As part of our corporate restructuring, we have reduced corporate overhead expenses by approximately $65&nbsp;million, or
approximately&nbsp;60%, from 2012 levels through a strategic realignment of our corporate structure and the elimination of the legacy Engineered Solutions R&amp;D expenses and overhead. We temporarily
idled our St.&nbsp;Marys facility and reconfigured our production footprint by closing our Brazil and South Africa manufacturing facilities to drive higher capacity utilizations at our three
largest, most strategically located and lowest-cost manufacturing facilities. Additionally, we continue to optimize our capital investment opportunities through rigorous quantitative analysis and
deploy simultaneous work process improvements at our manufacturing facilities through LEAN and Six Sigma techniques. </FONT></P>

<P style="font-family:arial;;margin-left:12.0pt;text-indent:-12.0pt;"><FONT SIZE=3><B>


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Continue to be a reliable, preferred supplier for mission-critical graphite electrodes  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We believe that improvements in overall quality create significant operating efficiencies and value opportunities for our customers, and
provide us with the opportunity to increase sales volumes and market share. We continue to work closely with key customers to enhance the durability of our graphite electrodes, reducing the frequency
of graphite electrode breaks and enhancing the usable life of our graphite electrodes, to make us their preferred supplier. We will continue to use our petroleum needle coke facility to help secure
customer orders of mission-critical graphite electrodes. We believe that at a time of supply uncertainty for many competitors, we will continue to see high demand from our customers. </FONT></P>

<P style="font-family:arial;;margin-left:12.0pt;text-indent:-12.0pt;"><FONT SIZE=3><B>


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Maintain balance sheet discipline and strong liquidity to provide strategic flexibility  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We plan to maintain a solid balance sheet in order to provide flexibility to grow and invest in our business in all market environments. As of
December&nbsp;31, 2017, after giving effect to (i)&nbsp;our entrance into the 2018 Credit Agreement, the borrowing of $1,500&nbsp;million of 2018 Term Loans under the 2018 Credit Agreement on
February&nbsp;12, 2018 and the use of proceeds therefrom and (ii)&nbsp;the issuance as a conditional dividend of a $750&nbsp;million promissory note (or the Brookfield Promissory Note) to the
selling stockholder, which we expect to issue on or around May&nbsp;9, 2018 assuming the applicable conditions are met, we would have had approximately $2,250&nbsp;million of indebtedness
outstanding and total liquidity of approximately $253.7 million, consisting of $241.8&nbsp;million available for borrowing under the 2018 Revolving Credit Facility (taking into account approximately
$8.2&nbsp;million of outstanding letters of credit issued thereunder) and cash and cash equivalents of approximately $11.9 million. In addition, prior to the consummation of this offering, we expect
to declare a $160&nbsp;million conditional cash dividend payable to the selling stockholder. Assuming the applicable conditions are met, we expect to pay the dividend on or around May 9, 2018. See
"&#151;Recent Developments." </FONT></P>

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Risk factors  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our business is subject to numerous risks. See "Risk Factors" beginning on page&nbsp;27. In particular, our business may be adversely
affected by, among other factors:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> our history of net losses and the possibility that we may not achieve or maintain profitability in the future; </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>15</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2><I> </i></font></p>
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 <DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> our inability to implement our business strategies, including our initiative to secure and maintain long-term, take-or-pay customer contracts,
in an effective manner; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the fact that pricing for graphite electrodes has historically been cyclical and, in the future, the price of graphite electrodes will likely
decline from recent record highs; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the sensitivity of our business and operating results to economic conditions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> our dependence on the global steel industry generally and the EAF steel industry in particular; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the possibility that global graphite electrode overcapacity may adversely affect graphite electrode prices; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the competitiveness of the graphite electrode industry; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> our dependence on the supply of petroleum needle coke; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> our dependence on supplies of raw materials (in addition to petroleum needle coke) and energy; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the legal, economic, social and political risks associated with our substantial operations in multiple countries. </FONT></DD></DL>
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Implications of being an emerging growth company  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We qualify as an "emerging growth company" as defined in Section&nbsp;2(a) of the Securities Act of 1933 (or the Securities Act), as
modified by the Jumpstart Our Business Startups Act of 2012 (or the JOBS Act). As an emerging growth company, we may take advantage of specified reduced disclosure and other requirements that are
otherwise applicable generally to public companies, which are not emerging growth companies. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
may take advantage of these exemptions until such time that we are no longer an emerging growth company. We will remain an "emerging growth company" until the earliest of (1)&nbsp;the last day of
the fiscal year following the fifth anniversary of the completion of this offering, (2)&nbsp;the last day of the fiscal year in which we have total annual gross revenue of at least
$1.07&nbsp;billion, (3)&nbsp;the date on which we are deemed to be a large accelerated filer under the Securities Exchange Act of 1934 (or the Exchange Act), which means the market value of our
common stock that is held by non-affiliates exceeds $700.0&nbsp;million as of the prior June&nbsp;30, and (4)&nbsp;the date on which we have issued more than $1.0&nbsp;billion in
non-convertible debt during the prior three-year period. We have taken advantage of reduced disclosure regarding executive compensation arrangements in this prospectus, and we may choose to take
advantage of some but not all of these reduced disclosure obligations in future filings. If we do, the information that we provide to stockholders may be different than you might get from other public
companies in which you hold stock. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Under
the JOBS Act, emerging growth companies can also delay adopting new or revised accounting standards until such time as those standards apply to private companies. We have irrevocably elected not
to avail ourselves of this exemption from new or revised accounting standards and, therefore, will be subject to the same new or revised accounting standards as other public companies that are not
emerging growth companies. </FONT></P>
 </DIV>
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Recent developments  </B></FONT></P>

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Tax Act  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The Tax Cuts and Jobs Act (or the Tax Act), enacted on December&nbsp;22, 2017, caused us to write down the carrying value of our deferred
tax assets as of December&nbsp;31, 2017, primarily due to the reduction in the U.S. federal corporate tax rate from 35% to 21%. We recognized an estimated net write down to the value of our net
deferred tax assets of approximately $52.2&nbsp;million. This write down was offset by a corresponding reduction in the valuation allowance against our deferred tax assets. See "Risk
Factors&#151;Risk related to our business and industry&#151;New tax legislation could adversely affect us or our shareholders." </FONT></P>

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2018 Credit Agreement  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>On February 12, 2018, we entered into a credit agreement (or, as amended from time to time, the 2018 Credit Agreement), which provides for
(i)&nbsp;a $1,500 million senior secured term loan facility (or the 2018 Term Loan Facility) and (ii)&nbsp;a $250 million senior secured revolving credit facility (or the 2018 Revolving Credit
Facility and, together with the 2018 Term Loan Facility, the Senior Secured Credit Facilities), which may be used from time to time for revolving credit borrowings denominated in dollars or Euro, the
issuance of one or more letters of credit denominated in dollars, Euro, Pounds Sterling or Swiss Francs and one or more swing line loans denominated in dollars. On February&nbsp;12, 2018, GrafTech
Finance Inc. (or&nbsp;GrafTech Finance), a Delaware corporation and our wholly owned subsidiary, borrowed $1,500 million under the 2018 Term Loan Facility (or the 2018 Term Loans). The 2018 Term
Loans mature on February 12, 2025. The maturity date for the 2018 Revolving Credit Facility is February 12, 2023. Funds received were used to pay off our outstanding debt, including borrowings under
our existing credit agreement and the $300&nbsp;million principal amount of senior notes due 2020 (or the Senior Notes) and
accrued interest relating to such borrowings and the Senior Notes, declare and pay a dividend to the selling stockholder and pay fees and expenses incurred in connection therewith and for other
general corporate purposes. See "Management's Discussion and Analysis of Financial Condition and Results of Operations&#151;Financing Transactions&#151;2018 Credit Agreement." </FONT></P>

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Conditional dividend to selling stockholder  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Prior to the consummation of this offering, we expect to declare a $160&nbsp;million cash dividend payable to the selling stockholder.
Payment of this dividend will be conditioned upon (i)&nbsp;the Senior Secured First Lien Net Leverage Ratio (as defined in the 2018 Credit Agreement), as calculated based on our final financial
results for the first quarter of 2018, being equal to or less than 1.75 to 1.00, (ii)&nbsp;no Default or Event of Default (as defined in the 2018 Credit Agreement) having occurred and continuing or
that would result from the payment of the dividend and (iii)&nbsp;the payment occurring within 60&nbsp;days from the dividend record date. Assuming these conditions are met, we expect to pay the
dividend on or around May&nbsp;9, 2018. However, there can be no assurance that we will meet these conditions by this date or at all. In addition, although this dividend is not expected to be paid
until after the consummation of this offering, it will be payable solely to the selling stockholder, as sole stockholder of the Company on the dividend record date, which will be prior to the
consummation of this offering. As a result, you will not be entitled to receive any portion of this dividend regardless of when the conditions are satisfied. </FONT></P>

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Brookfield Promissory Note  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Prior to the consummation of this offering, we expect to declare a dividend in the form of the $750&nbsp;million Brookfield Promissory Note
to the selling stockholder. The issuance of the Brookfield Promissory Note as a dividend will be conditioned upon (i)&nbsp;the Senior Secured First Lien Net Leverage Ratio (as defined in the </FONT></P>
 </DIV>
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<P style="font-family:arial;"><FONT SIZE=2><I> </i></font></p>
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 <P style="font-family:arial;"><FONT SIZE=2>2018
Credit Agreement), as calculated based on our final financial results for the first quarter of 2018, being equal to or less than 1.75 to 1.00, (ii)&nbsp;no Default or Event of Default (each as
defined in the 2018 Credit Agreement) having occurred and continuing or that would result from the issuance of the Brookfield Promissory Note and (iii)&nbsp;the issuance occurring within
60&nbsp;days from the dividend record date. Assuming these conditions are met, we expect to issue the Brookfield Promissory Note as a dividend on or around May&nbsp;9, 2018. However, there can be
no assurance that we will meet these conditions by this date or at all. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
Brookfield Promissory Note will mature eight years from the date of issuance and will bear interest at a rate equal to the Adjusted LIBO Rate (as defined in the Brookfield Promissory Note) plus an
applicable margin equal to 4.50% per annum, with an additional 2.00% per annum starting from the third anniversary from the date of issuance. We will be permitted to make voluntary prepayments at any
time without premium or penalty. All obligations under the Brookfield Promissory Note will be unsecured and guaranteed by all of our existing and future domestic wholly owned subsidiaries that
guarantee, or are borrowers under, the Senior Secured Credit Facilities. No funds will be lent or otherwise contributed to us by the selling stockholder in connection with the Brookfield Promissory
Note. As a result, we will receive no consideration in connection with its issuance. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Following
the issuance of the Brookfield Promissory Note, we plan to explore opportunities to refinance it with debt securities or other long-term debt to the extent available on attractive terms.
However, there can be no assurance that we will be able to refinance the Brookfield Promissory Note on commercially reasonable terms in the near term or at all. In addition, there can be no assurance
that the terms of any such refinancing indebtedness (including the interest rate) will be as or more favorable to us as the corresponding terms under the Brookfield Promissory Note. See "Management's
Discussion and Analysis of Financial Condition and Results of Operations&#151;Financing Transactions&#151;Brookfield Promissory Note." </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>18</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>&nbsp;<BR></FONT></P>


<P style="font-family:arial;"><FONT SIZE=2><I> </i></font></p>
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The offering  </B></FONT></P>
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<TD style="font-family:arial;"><FONT SIZE=2>Common stock offered by the selling stockholder</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>35,000,000 shares, assuming no exercise by the underwriters of their options to purchase an additional 5,250,000 shares of common stock from the selling stockholder to cover overallotments.</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><BR><FONT SIZE=2>Common stock to be issued and outstanding after this offering</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><BR><FONT SIZE=2>302,225,923 shares.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><BR><FONT SIZE=2>Underwriters' option to purchase additional shares of our common stock</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><BR><FONT SIZE=2>The selling stockholder has granted the underwriters an option, for a period of 30&nbsp;days, to purchase up to 5,250,000 additional shares of our common stock held by it on the same terms and
conditions as set forth on the front cover of this prospectus.</FONT></TD>
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<TD style="font-family:arial;"><BR><FONT SIZE=2>Use of proceeds</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><BR><FONT SIZE=2>We will not receive any proceeds from the sale of our common stock by the selling stockholder named in this prospectus.</FONT></TD>
</TR>
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<TD style="font-family:arial;"><BR><FONT SIZE=2>Proposed purchase by certain director nominees</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><BR><FONT SIZE=2>One of our independent director nominees has agreed to purchase an aggregate of 5,000 shares of common stock in this offering at the public offering price. The allocation of shares in this offering to
this independent director nominee was made at our direction. The underwriters will not receive any underwriting discount or commission from the shares of our common stock purchased by this director nominee in this offering. Any shares sold to this
director nominee will be subject to a lock-up agreement described under the sections entitled "Shares Eligible for Future Sale" and "Underwriting."</FONT></TD>
</TR>
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<TD style="font-family:arial;"><BR><FONT SIZE=2>Dividend policy</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><BR><FONT SIZE=2>Following the completion of this offering, we currently expect to pay a quarterly cash dividend of $0.085 per share, or an aggregate of $0.34 per share on an annualized basis. For the quarterly period
ending June 30, 2018, we expect to pay a prorated cash dividend for the period beginning on the closing date of this offering and ending on the last day of that period. See "Dividend Policy."</FONT></TD>
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</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>19</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2><I> </i></font></p>
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<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>We cannot assure you, however, that we will pay dividends in these amounts or at all. Our board of directors may change the timing and amount of any future dividend payments or eliminate the payment of
future dividends in its sole discretion, without any prior notice to our stockholders. Our ability to pay dividends will depend upon many factors, including our financial position and liquidity, results of operations, legal requirements, restrictions
that may be imposed by the terms of our current and future credit facilities and other debt obligations and other factors deemed relevant by our board of directors. For further discussion of the factors that may affect our business and our ability to
pay dividends, see "Risk Factors&#151;Risks Related to Our Business and Industry" and "Risk Factors&#151;Risks Related to our Common Stock&#151;We may not pay cash dividends on our common stock."</FONT></TD>
</TR>
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<TD style="font-family:arial;"><BR><FONT SIZE=2>Risk factors</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><BR><FONT SIZE=2>Please read the section entitled "Risk Factors" beginning on page&nbsp;27 for a discussion of some of the factors you should carefully consider before deciding to invest in our common
stock.</FONT></TD>
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<TD style="font-family:arial;"><BR><FONT SIZE=2>NYSE listing and symbol</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><BR><FONT SIZE=2>Our common stock has been approved for listing on the NYSE under the symbol "EAF."</FONT></TD>
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 </DIV>
 <P style="font-family:arial;"><FONT SIZE=2>The
number of shares of common stock to be issued and outstanding after the completion of this offering is based on 302,225,923 shares of common stock issued and outstanding after giving effect to the
3,022,259.23-for-1 stock split on our common stock effected on April&nbsp;12, 2018, and excludes an additional 15,000,000 shares reserved for future issuance under our Omnibus Equity Incentive Plan. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>Except
as otherwise indicated, all information in this prospectus: </FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> gives effect to a 3,022,259.23-for-1 stock split on our common stock effected on April&nbsp;12, 2018; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> assumes no exercise by the underwriters of their options to purchase an additional 5,250,000 shares of common stock from the selling
stockholder to cover overallotments. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>20</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2><I> </i></font></p>
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Summary historical consolidated financial and other&nbsp;data    <BR>  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The following tables present selected consolidated financial information of the Company. You should read these tables along with "Management's
Discussion and Analysis of Financial Condition and Results of Operations," "Business" and our audited consolidated financial statements and the related notes included elsewhere in this prospectus. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
summary consolidated statement of operations data for the years ended December&nbsp;31, 2017, 2016 and 2015 (January&nbsp;1, 2015 to August&nbsp;14, 2015, Predecessor Period, and
August&nbsp;15, 2015 to December&nbsp;31, 2015, Successor Period) and the summary consolidated balance sheet data at December&nbsp;31, 2017 and 2016 have been derived from our audited
consolidated financial statements included elsewhere in this prospectus. Our historical results are not necessarily indicative of the results to be expected in the future. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>As
a result of business combination accounting resulting from our acquisition by Brookfield (see Note&nbsp;2, Preferred Share Issuance and Merger, of the Notes to the Consolidated Financial
Statements included elsewhere in this prospectus), our financial statements are separated into two distinct periods, the period before the consummation of our acquisition by Brookfield (labeled
"Predecessor") and the period after that date (labeled "Successor"), to indicate the application of the different basis of accounting between the periods presented. There were no operational
activities that changed as a result of our acquisition by Brookfield. </FONT></P>
 </DIV>
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<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> </i></font></p>
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<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
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<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Successor</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
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&nbsp;</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Predecessor </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
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<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
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<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the year ended<BR>
December&nbsp;31,</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the<BR>
period<BR>
August&nbsp;15<BR>
through<BR>
December&nbsp;31,</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2><B>


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&nbsp;</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the<BR>
period<BR>
January&nbsp;1<BR>
through<BR>
August&nbsp;14, </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B>


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<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
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<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2017</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2016</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2015</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2><B>


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&nbsp;</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2015 </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


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


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 </B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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</B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


</B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2><B> </B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD COLSPAN=13 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>  (in thousands, except share and per share data)</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



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</FONT> <FONT SIZE=2><B>Statement of Operations Data:</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net sales</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>550,771</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>437,963</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>193,133</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>339,907</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


 Income (loss) from continuing operations</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>14,212</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(108,869</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(28,625</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(101,970</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income (loss)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>7,983</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(235,843</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(33,551</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>



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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(120,649</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


 Basic income (loss) per common share(a):</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


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




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


 </font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


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


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


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


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


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


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


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income (loss) from continuing operations per share</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>0.05</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(0.36</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(0.09</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(0.74</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


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




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


 </font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


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


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


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


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


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


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


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


 Weighted average common shares outstanding</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>302,225,923</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>302,225,923</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>302,225,923</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>137,152,430</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-top:9pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance Sheet Data (at period end):</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



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


 Total assets</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>1,199,103</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>1,172,276</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>1,422,015</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other long-term obligations(b)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>68,907</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>82,148</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>94,318</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


 Total long-term debt</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>322,900</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>356,580</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>362,455</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-top:9pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Other Financial Data:</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


 Net cash provided by operating activities</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>36,573</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>22,815</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>23,115</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>28,323</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net cash (used in) provided by investing activities</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(2,199</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(10,471</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(17,484</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(39,918</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


 Net cash (used in) provided by financing activities</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(32,995</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(8,317</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(23,072</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>20,824 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


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




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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(a)&nbsp;&nbsp;&nbsp;&nbsp;Successor
period per share data gives effect to the 3,022,259.23-for-1 stock split on our common stock effected on April&nbsp;12,&nbsp;2018.  </FONT></P>


<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(b)&nbsp;&nbsp;&nbsp;Represents
pension and OPEB and related costs and miscellaneous other long-term obligations. </FONT></P>
 </DIV>
 <P style="font-family:arial;"><FONT SIZE=2><BR></FONT></P>
 <div style="display:none;*display:block;margin-top:-4pt;"></div>

 <DIV style="padding:0pt;position:relative;width:67%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"120%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="120%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR style="line-height:0pt;"><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="100.00%" style="font-family:arial;"><div style="width:100.00%;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="49.28pt" style="font-family:arial;"><div style="width:49.28pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="49.28pt" style="font-family:arial;"><div style="width:49.28pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="49.28pt" style="font-family:arial;"><div style="width:49.28pt;"></div></TD>
<TD WIDTH="0pt" style="font-family:arial;"><div style="width:0pt;"></div></TD>
<TD WIDTH="2.00pt" style="font-family:arial;"><div style="width:2.00pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="41.26pt" style="font-family:arial;"><div style="width:41.26pt;"></div></TD>
<TD WIDTH="12pt" style="font-family:arial;"><div style="width:12pt;"></div></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


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




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 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


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<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


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

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Successor</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2><B>


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


&nbsp;</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Predecessor </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B>


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




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


 </b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


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


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the year ended<BR>
December&nbsp;31,</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the<BR>
period<BR>
August&nbsp;15<BR>
through<BR>
December&nbsp;31,</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2><B>


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


&nbsp;</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the<BR>
period<BR>
January&nbsp;1<BR>
through<BR>
August&nbsp;14, </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B>


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




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


 </b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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



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


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


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


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


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


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


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


</B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-right:solid #000000 1.0pt;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;border-bottom:solid #000000 1.0pt;" -->

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



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


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


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2017</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2016</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2015</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2><B>


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


&nbsp;</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2015 </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


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




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


 </b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


</B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


</B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


 </B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2><B> </B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD COLSPAN=13 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>  (in thousands)</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


</FONT> <FONT SIZE=2><B>Other Financial Information</B></FONT><FONT SIZE=2>:</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>EBITDA from continuing operations(1)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>97,884</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(12,251</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>12,674</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(32,197</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


 Adjusted EBITDA from continuing operations(1)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>95,806</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(2,898</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>14,396</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>31,628 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


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




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


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>22</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=25,EFW="2235378",CP="GRAFTECH INTERNATIONAL LTD.",DN="1",CHK=819657,FOLIO='22',FILE='DISK103:[17ZDN4.17ZDN71304]CI71304A.;88',USER='RRICKEN',CD='19-APR-2018;09:31' -->
<A NAME="page_ci71304_1_23"> </A>


<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">


<P style="font-family:arial;"><FONT SIZE=2><BR></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="39pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="40pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="40pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


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




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


 </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


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

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>For the year ended<BR>
December&nbsp;31, </B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B>


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




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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2><B>(in thousands, except price data)</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>2017</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>2016</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>2015 </B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


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




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


 </b></font>&#8203;


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Sales volume (MT)(2)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>172</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>163</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>145</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Weighted average realized price(3)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>2,945</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>2,459</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>3,344</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Production volume (MT)(4)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>166</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>151</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>137</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Production capacity (MT)(5)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>195</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>195</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>195</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Production capacity excluding St.&nbsp;Marys during idle period (MT)(6)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>167</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>176</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>195</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Capacity utilization(7)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>85%</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>77%</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>70%</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Capacity utilization excluding St.&nbsp;Marys during idle period(6)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>99%</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>85%</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>70% </FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


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</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(1)&nbsp;&nbsp;&nbsp;&nbsp;See
below for more information and a reconciliation of EBITDA and adjusted EBITDA to net income (loss), the most directly comparable financial measure calculated and presented in
accordance with&nbsp;GAAP.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(2)&nbsp;&nbsp;&nbsp;&nbsp;Sales
volume reflects the total volume of graphite electrodes sold for which revenue has been recognized during the period. See below for more information on our key operating
metrics.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(3)&nbsp;&nbsp;&nbsp;&nbsp;Weighted
average realized price reflects the total revenues from sales of graphite electrodes for the period divided by the graphite electrode sales volume for that&nbsp;period. See
below for more information on our key operating metrics.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(4)&nbsp;&nbsp;&nbsp;Production
volume reflects graphite electrodes produced during the period. See below for more information on our key operating metrics.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(5)&nbsp;&nbsp;&nbsp;&nbsp;Production
capacity reflects expected maximum production volume during the period under normal operating conditions, standard product mix and expected maintenance downtime. Actual
production may&nbsp;vary. See below for more information on our key operating metrics.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(6)&nbsp;&nbsp;&nbsp;The
St.&nbsp;Marys, Pennsylvania facility was temporarily idled effective the second quarter of 2016, except for the machining of semi-finished products sourced from
other&nbsp;plants.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(7)&nbsp;&nbsp;&nbsp;&nbsp;Capacity
utilization reflects production volume as a percentage of production capacity. See below for more information on our key operating metrics. </FONT></P>
 </DIV>

<P style="font-family:arial;;margin-left:12.0pt;text-indent:-12.0pt;"><FONT SIZE=3><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:12.0pt;text-indent:-12.0pt;" -->


Non-GAAP financial measures  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In addition to providing results that are determined in accordance with GAAP, we have provided certain financial measures that are not in
accordance with GAAP. EBITDA from continuing operations and adjusted EBITDA from continuing operations are non-GAAP financial measures. We define EBITDA from continuing operations, a non-GAAP
financial measure, as net income or loss plus interest expense, minus interest income, plus income taxes, discontinued operations and depreciation and amortization. We define adjusted EBITDA from
continuing operations as EBITDA from continuing operations plus any pension and OPEB plan expenses, impairments, rationalization-related charges, acquisition costs and costs related to the change in
control as well as proxy contests costs, non-cash gains or losses from foreign currency remeasurement of non-operating liabilities in our foreign subsidiaries where the functional currency is the U.S.
dollar and non-cash fixed asset write-offs. Adjusted EBITDA from continuing operations is the primary metric used by our management and our board of directors to establish budgets and operational
goals for managing our business and evaluating our performance. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
monitor adjusted EBITDA from continuing operations as a supplement to our GAAP measures, and believe it is useful to present to investors, because we believe that it facilitates evaluation of our
period-to-period operating performance by eliminating items that are not operational in nature, allowing comparison of our recurring core business operating results over multiple periods unaffected by
differences in capital structure, capital investment cycles and fixed asset base. In addition, we believe adjusted EBITDA from continuing operations and similar measures are widely used by investors,
securities analysts, ratings agencies, and other parties in evaluating companies in our industry as a measure of financial performance and debt-service capabilities. </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>23</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<A NAME="page_ci71304_1_24"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <P style="font-family:arial;"><FONT SIZE=2>Our
use of adjusted EBITDA from continuing operations has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported
under GAAP. Some of these limitations are:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> adjusted EBITDA from continuing operations does not reflect changes in, or cash requirements for, our working capital needs; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> adjusted EBITDA from continuing operations does not reflect our cash expenditures for capital equipment or other contractual commitments,
including any capital expenditures for future capital expenditure requirements to augment or replace our capital assets; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> adjusted EBITDA from continuing operations does not reflect the interest expense or the cash requirements necessary to service interest or
principal payments on our indebtedness; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> adjusted EBITDA from continuing operations does not reflect tax payments that may represent a reduction in cash available to us; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> adjusted EBITDA from continuing operations does not reflect expenses relating to our pension and OPEB plans; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> adjusted EBITDA from continuing operations does not reflect impairment of long-lived assets and goodwill; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> adjusted EBITDA from continuing operations does not reflect the non-cash gains or losses from foreign currency remeasurement of non-operating
liabilities in our foreign subsidiaries where the functional currency is the U.S. dollar; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> adjusted EBITDA from continuing operations does not reflect rationalization-related charges, acquisition costs, costs related to the change in
control and proxy contests costs or the non-cash write-off of fixed assets; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> other companies, including companies in our industry, may calculate EBITDA from continuing operations and adjusted EBITDA from continuing
operations differently, which reduces its usefulness as a comparative measure. </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>In
evaluating EBITDA from continuing operations and adjusted EBITDA from continuing operations, you should be aware that in the future, we will incur expenses similar to the adjustments in this
presentation. Our presentations of EBITDA from continuing operations and adjusted EBITDA from continuing operations should not be construed as suggesting that our future results will be unaffected by
these expenses or any unusual or non-recurring items. When evaluating our performance, you should consider EBITDA from continuing operations and adjusted EBITDA from continuing operations alongside
other financial performance measures, including our net income (loss) and other GAAP measures. </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>24</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<A NAME="page_ci71304_1_25"> </A>


<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <P style="font-family:arial;"><FONT SIZE=2>The
following table reconciles our non-GAAP key financial measures to the most directly comparable GAAP measures: </FONT></P>
 <div style="display:none;*display:block;margin-top:-4pt;"></div>

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<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="29.16pt" style="font-family:arial;"><div style="width:29.16pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="35.80pt" style="font-family:arial;"><div style="width:35.80pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="46.68pt" style="font-family:arial;"><div style="width:46.68pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="41.26pt" style="font-family:arial;"><div style="width:41.26pt;"></div></TD>
<TD WIDTH="12pt" style="font-family:arial;"><div style="width:12pt;"></div></TD>
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<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
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<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


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

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=8 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Successor</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Predecessor </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B>


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




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


 </b></font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


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


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


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


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


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the year<BR>
ended December&nbsp;31,</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the<BR>
period<BR>
August&nbsp;15<BR>
through<BR>
December&nbsp;31,</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the<BR>
period<BR>
January&nbsp;1<BR>
through<BR>
August&nbsp;14, </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B>


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




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


 </b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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



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


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


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

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2017</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2016</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2015</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2015 </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


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




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


 </b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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



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


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


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


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


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


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


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


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


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


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


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


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2><B> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=11 ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>  (in thousands)</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


</FONT> <FONT SIZE=2><B>Net income (loss)</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>7,983</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(235,843</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(33,551</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(120,649</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Add:</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


 Discontinued operations</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>6,229</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>126,974</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>4,926</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>18,679</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Depreciation and amortization</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>64,025</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>77,614</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>24,424</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>37,473</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



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


 Interest expense</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>30,823</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>26,914</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>9,999</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>26,211</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest income</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(395</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(358</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(6</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(363</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


 Income taxes</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(10,781</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(7,552</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>6,882</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>6,452 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


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




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


 </font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


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


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


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


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


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


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


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


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>EBITDA from continuing operations</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>97,884</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(12,251</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>12,674</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(32,197</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


 Adjustments:</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pension and OPEB plan (gain) expenses(1)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(1,611</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(626</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2,397</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2,973</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


 Impairments(2)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2,843</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>35,381</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Rationalization-related (gains)/charges(3)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(3,970</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2,366</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>387</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>3,049</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


 Acquisition and proxy contests costs(4)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>886</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>8,036</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>961</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>22,618</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-cash loss (gain) on foreign currency remeasurement(5)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>1,731</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(5,465</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(2,023</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(196</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-cash fixed asset write-off(6)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>886</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2,199</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151; </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


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




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


 </font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


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


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


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


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


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


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


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


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

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


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


</FONT> <FONT SIZE=2><B>Adjusted EBITDA from continuing operations</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>95,806</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(2,898</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>14,396</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>31,628 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


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




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


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


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


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


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


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


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


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


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


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


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


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


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(1)&nbsp;&nbsp;&nbsp;&nbsp;Service
and interest cost of our OPEB plans. Also includes a mark-to-market loss (gain) for plan assets as of December of each year. See "Management's Discussion and Analysis of
Financial Condition and Results of Operations</FONT><FONT  style="font-size:8pt;line-height:9pt;"><B>-</B></FONT><FONT  style="font-size:8pt;line-height:9pt;">Components of Results of Operations</FONT><FONT  style="font-size:8pt;line-height:9pt;"><B>-</B></FONT><FONT  style="font-size:8pt;line-height:9pt;">Selling and Administrative
Expenses" for more information.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(2)&nbsp;&nbsp;&nbsp;&nbsp;Goodwill
impairment in the first quarter of 2015 for the needle coke reporting unit.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(3)&nbsp;&nbsp;&nbsp;&nbsp;Costs
associated with rationalizations in our graphite electrode manufacturing operations and in the corporate structure. They include severance charges, contract termination charges,
write-off of equipment and (gain)/loss on sale of manufacturing sites.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(4)&nbsp;&nbsp;&nbsp;Legal
costs associated with the proxy contests in early 2015; transaction costs associated with the merger transaction with Brookfield in August 2015, resulting in change in control
compensation expenses, including the acceleration of stock-based compensation in the period January&nbsp;1 through August&nbsp;14, 2015.  </FONT></P>


<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(5)&nbsp;&nbsp;&nbsp;&nbsp;Non-cash
(gain) loss from foreign currency remeasurement of non-operating liabilities of our non-U.S. subsidiaries where the functional currency is the U.S. dollar. </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(6)&nbsp;&nbsp;&nbsp;Non-cash
fixed asset write-off recorded for obsolete manufacturing equipment in the fourth quarter of 2016 and the third quarter of 2017. </FONT></P>
 </DIV>
 <P style="font-family:arial;;margin-left:12.0pt;text-indent:-12.0pt;"><FONT SIZE=3><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:12.0pt;text-indent:-12.0pt;" -->


Key Operating Metrics  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Key operating metrics consist of sales volume, weighted average realized price, production volume, production capacity and capacity
utilization. Sales volume reflects the total volume of graphite electrodes sold for which revenue has been recognized during the period. For a discussion of our revenue recognition policy, see
"Management's Discussion and Analysis of Financial Condition and Results of Operations&#151;Critical Accounting Policies&#151;Revenue Recognition." Under our policy, volume discounts and
rebates are recorded as a reduction of revenue in conjunction with the sale of the graphite electrodes, and shipping and handling </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>25</FONT></P>

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<P style='font-family:arial;page-break-before:always'></p>
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<A NAME="page_ci71304_1_26"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <P style="font-family:arial;"><FONT SIZE=2>revenues
relating to graphite electrodes sold are included as an increase to revenue. Weighted average realized price reflects the total revenues from sales of graphite electrodes for the period
divided by the graphite electrode sales volume for that period. Production volume reflects graphite electrodes produced during the period. Production capacity reflects expected maximum production
volume during the period under normal operating conditions, standard product mix and expected maintenance downtime. Capacity utilization reflects production volume as a percentage of production
capacity. </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>26</FONT></P>

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NAME="page_da71304_1_27"> </A>

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</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><A
NAME="da71304_risk_factors"> </A>
<A NAME="toc_da71304_1"> </A></FONT> <FONT SIZE=4><B>


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Risk factors    <BR>  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I>Investing in our common stock involves a high degree of risk. You should carefully consider the following risk
factors, as well as other information contained in this prospectus, before deciding to invest in our common stock. The occurrence of any of the following risks could materially and adversely affect
our business, financial condition, results of operations and cash flow, in which case the trading price of our common stock could decline and you could lose all or part of your
investment.</I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=3><B> Risks related to our business and industry  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B><I> We have a history of net losses and may not achieve or maintain profitability in the future.  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We have a history of significant net operating losses, including a net loss of $235.8&nbsp;million for the year ended December&nbsp;31, 2016. We may not
be able to achieve or maintain profitability for the current or any future fiscal year. Our ability to achieve and maintain profitability depends on a number of factors, including the growth rate of
the graphite electrode industry, the price of our products, the cost to produce our products, the competitiveness of our products and the production capacity at our existing plants. We may incur
significant losses in the future for a number of reasons, including due to the other risks described in this prospectus, and we may encounter unforeseen expenses, difficulties, complications and
delays and other unknown events. In addition, as a public company, we will incur significant legal, accounting and other expenses that we did not incur as a private company. As a result, our
operations may not achieve profitability in the future and, even if we do achieve profitability, we may not be able to maintain or increase it. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B><I> We may be unable to implement our business strategies, including our initiative to secure and maintain three- to five-year take-or-pay customer contracts, in an effective manner.  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our future financial performance and success largely depend on our ability to implement our business strategies for growth successfully. We have undertaken,
and will continue to undertake, various business strategies to sell a significant portion of our production capacity through three- to five-year, take-or-pay contracts, grow our production capacity,
and improve operating efficiencies and generate cost savings. We cannot assure you that we will successfully implement our business strategies or that implementing these strategies will sustain or
improve and not harm our results of operations. In particular, our ability to implement our new strategy to enter into three- to five-year take-or-pay contracts successfully is subject to certain
risks, including customers seeking to renegotiate key terms of their contracts, such as pricing and specified volume commitments, in the event market conditions change during the contract term; our
inability to extend contracts when they expire; and a disruption in our access to Seadrift-produced petroleum needle coke, which we will rely on to deliver the contracted volumes under the contracts.
As a result, we cannot assure you that we will successfully implement this strategy or realize the anticipated benefits of these contracts. In addition, the costs involved in implementing our
strategies may be significantly greater than we currently anticipate. For example, our
ability to complete production capacity expansions or make other operational improvements as planned may be delayed or interrupted by the need to obtain environmental and other regulatory approvals,
the availability of labor and materials, unforeseen hazards, such as weather conditions, and other risks customarily associated with construction projects. Moreover, the cost of expanding production
capacity could have a negative impact on our financial results until capacity utilization is sufficient to absorb the incremental costs associated with the expansion. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>Our
business strategies are based on our assumptions about future demand for our products and on our continuing ability to produce our products profitably. Each of these factors depends, among other
things, </FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>on
our ability to finance our operations, maintain high-quality and efficient manufacturing operations, respond to competitive and regulatory changes, access quality raw materials in a cost-effective
and timely manner, and retain and attract highly skilled technical, managerial, marketing and finance personnel. Any failure to develop, revise or implement our business strategies in a timely and
effective manner may adversely affect our business, financial condition, results of operations or cash flows. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B><I> Pricing for graphite electrodes has historically been cyclical and, in the future, the price of graphite electrodes will likely decline from recent record highs.  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Pricing for graphite electrodes has historically been cyclical, reflecting the demand trends of the global EAF steelmaking industry and the supply of graphite
electrodes. In addition, as petroleum needle coke reflects a significant percentage of the raw material cost of graphite electrodes, graphite electrodes have historically been priced at a spread to
petroleum needle coke, which in the past has increased in tight demand markets. Historically, between 2006 and 2016, our weighted average realized price of graphite electrodes was approximately $4,500
per MT (on an inflation-adjusted basis using constant 2017 dollars). </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>During
the most recent demand trough, our weighted average realized price of graphite electrodes fell to approximately $2,500 per MT in 2016, on an inflation-adjusted basis using constant 2017
dollars. Following the significant rationalization of graphite electrode production globally, the resumption of growth in EAF steel production, falling scrap prices, reductions in Chinese steel
production and constrained supply of needle coke, graphite electrode prices have recently reached record highs. For example, graphite electrode industry spot prices reached record levels of as high as
$15,000 to $30,000 per MT in the first quarter of
2018. As of March&nbsp;1, 2018, we have executed three- to five-year take-or-pay contracts, representing approximately 60% to 65% of our production capacity from 2018 through 2022. The weighted
average contract price for the contracted volumes over the next five years is approximately $9,700&nbsp;per&nbsp;MT. If spot prices remain above our contract prices, our profitability may be
negatively impacted compared to what it would have been if we had sold the contracted volume in the spot market. However, due to the cyclical nature of graphite electrode pricing, this recent upward
pricing trend is likely not sustainable and, as a result, the price for graphite electrodes will likely decline in the future. Our business, financial condition and operating results could be
materially and adversely affected to the extent prices for graphite electrodes decline in the future to or below our historical weighted average realized price levels. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B><I> Our business and operating results have been and will continue to be sensitive to economic conditions and a downturn in economic conditions may materially adversely affect our
business</I></B></FONT><FONT SIZE=2><B>.  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our operations and performance are materially affected by global and regional economic conditions. As described further below, we are dependent on the steel
industry, which historically has been highly cyclical and is affected by general economic conditions. An economic downturn may reduce customer demand, reduce prices for our products or inhibit our
ability to produce our products, which would negatively affect our operating results. Our business and operating results have also been and will continue to be sensitive to declining consumer and
business confidence; fluctuating commodity prices; volatile exchange rates and other challenges that can affect the economy. Our customers may experience deterioration of their businesses, cash flow
shortages and difficulty obtaining financing, leading them to delay or cancel plans to purchase our products or seek to renegotiate terms of their supply contracts, and they may not be able to fulfill
their obligations to us in a timely fashion. Further, suppliers and other business partners may experience similar conditions, which could impact their ability to fulfill their obligations to us.
Also, it could be difficult to find replacements for business partners without incurring significant delays or cost increases. These events would negatively impact our revenues and results of
operations. </FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2><B><I> We are dependent on the global steel industry generally and the EAF steel industry in particular, and a downturn in these industries may materially adversely affect our
business</I></B></FONT><FONT SIZE=2><B>.  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We sell our products primarily to the EAF steel production industry. The steel industry historically has been highly cyclical and is affected significantly by
general economic conditions. Significant customers for the steel industry include companies in the automotive, construction, appliance, machinery, equipment and transportation industries, which are
industries that were negatively affected by the general economic downturn and the deterioration in financial markets, including severely restricted liquidity and credit availability, in the recent
past. In particular, EAF steel production declined approximately 17% from 2008 to 2009 as a result of that general economic downturn and deterioration in financial markets. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>In
addition, EAF steel production declined approximately 10% from 2011 to 2015 due to global steel production overcapacity driven largely by Chinese BOF steel production. Since 2016, however, the EAF
steel market has rebounded strongly and resumed its long-term growth trajectory. Our customers, including major steel producers, have in the past experienced and may again experience downturns or
financial distress that could adversely impact our ability to collect our accounts receivable on a timely basis or at all. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B><I> Global graphite electrode overcapacity has adversely affected graphite electrode prices in the past, and may adversely affect them again in the future, which could negatively impact
our sales, margins and profitability.  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Overcapacity in the graphite electrode industry has adversely affected pricing and may do so again. The rapid growth of Chinese steel production after 2010,
which was primarily produced from BOF steelmaking, created a significant global oversupply of steel. Chinese steel exports gained market share from EAF producers, creating graphite electrode industry
oversupply and inventory de-stocking in this period. Historically, between 2006 and 2016, our weighted average realized price of graphite electrodes was approximately $4,500 per MT (on an
inflation-adjusted basis using constant 2017 dollars). During the most recent demand trough, our weighted average realized price fell to approximately $2,500 per MT in 2016. Although Chinese steel
production has decreased since 2016 as a result of the enactment of certain Chinese governmental initiatives, any significant future growth in Chinese BOF steel production could once again lead to an
oversupply of steel, which would adversely affect the price of graphite electrodes. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>An
increase in global graphite electrode production capacity that outpaces an increase in demand for graphite electrodes could adversely affect the price of graphite electrodes. Excess production
capacity may
result in manufacturers producing and exporting electrodes at prices that are lower than prevailing domestic prices, and sometimes at or below their cost of production. Excessive imports into the
Americas and EMEA, which collectively make up 90% of our market, can also exert downward pressure on graphite electrode prices, which negatively affects our sales, margins and profitability. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2><B><I> The graphite industry is highly competitive. Our market share, net sales or net income could decline due to vigorous price and other competition</I></B></FONT><FONT SIZE=2><B>.  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Competition in the graphite industry (other than, generally, with respect to new products) is based primarily on price, product differentiation and quality,
delivery reliability and customer service. Graphite electrodes, in particular, are subject to rigorous price competition. Competition with respect to new products is, and is expected to continue to
be, based primarily on price, performance and cost effectiveness, customer service as well as product innovation. Competition could prevent implementation of price increases, require price reductions
or require increased spending on research and development, marketing and sales that could adversely affect us. In such a competitive market, changes in market </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>29</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>conditions,
including customer demand and technological development, could adversely affect our competitiveness, sales and/or profitability. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2><B><I> We are dependent on the supply of petroleum needle coke. Our results of operations could deteriorate if recent disruptions in the supply of petroleum needle coke continue or worsen
for an extended period.  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Petroleum needle coke is the primary raw material used in the production of graphite electrodes. The supply of petroleum needle coke has been limited starting
in the second half of 2017 as the demand for petroleum needle coke has outpaced supply due to increasing demand for petroleum needle coke for use in the production of lithium-ion batteries used in
electric vehicles. Seadrift currently provides approximately 75% of our current petroleum needle coke requirements, and we purchase the remaining 25% from a variety of external sources. We plan to
rely on Seadrift-produced petroleum needle coke to support the production of the contracted volumes of graphite electrodes under our three- to five-year
take-or-pay contracts. As a result, a disruption in Seadrift's production of petroleum needle coke could adversely affect our ability to achieve the anticipated benefits of these contracts if we are
forced to purchase petroleum needle coke from external sources at a higher cost to support the production of these contracted volumes. Moreover, although estimates vary as to the duration of this
period of tight petroleum needle coke supply, if the current market shortage of petroleum needle coke continues or worsens, we may be unable to acquire sufficient amounts of petroleum needle coke from
external sources to support the 25% of our needle coke requirements currently used in the production of graphite electrodes for sale in the spot market. As a result, a continued or worsening
disruption in the supply of petroleum needle coke could have a material adverse effect on our business, financial condition, results of operations and cash flows. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2><B><I> We are dependent on supplies of raw materials (in addition to petroleum needle coke) and energy. Our results of operations could deteriorate if those supplies increase in cost or are
substantially disrupted for an extended period</I></B></FONT><FONT SIZE=2><B>.  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We purchase raw materials and energy from a variety of sources. In many cases, we purchase them under short-term contracts or on the spot market, in each case
at fluctuating prices. The availability and price of raw materials and energy may be subject to curtailment or change due to:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> limitations, which may be imposed under new legislation or regulation; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> suppliers' allocations to meet demand from other purchasers during periods of shortage (or, in the case of energy suppliers, extended hot or
cold weather); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> interruptions or cessations in production by suppliers; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> market and other events and conditions. </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>Petroleum
and coal products, including decant oil and pitch, which are our principal raw materials other than petroleum needle coke, and energy, particularly natural gas, have been subject to
significant price fluctuations. For example, Seadrift may not always be able to obtain an adequate quantity of suitable low-sulfur decant oil for the manufacture of petroleum needle coke, and capital
may not be available to install equipment to allow use of higher sulfur decant oil (which is more readily available in the United States) if supplies of low-sulfur decant oil become more limited in
the future. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
have in the past entered into, and may continue in the future to enter into, derivative contracts and short-duration fixed rate purchase contracts to effectively fix a portion of our exposure to
certain products. These strategies may not be available or successful in eliminating our exposure. A substantial increase in </FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>raw
material or energy prices that cannot be mitigated or passed on to customers or a continued interruption in supply, particularly in the supply of decant oil or energy, would have a material
adverse effect on our business, financial condition, results of operations or cash flows. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2><B><I> We are subject to a variety of legal, economic, social and political risks associated with our substantial operations in multiple countries, which could have a material adverse
effect on our financial and business operations</I></B></FONT><FONT SIZE=2><B>.  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>A substantial majority of our net sales are derived from sales outside the United States, and a majority of our operations and our total property, plant and
equipment and other long-lived assets are located outside the United States. As a result, we are subject to risks associated with operating in multiple countries,
including:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> currency fluctuations and devaluations in currency exchange rates, including impacts of transactions in various currencies, translation of
various currencies into dollars for U.S. reporting and financial covenant compliance purposes, and impacts on results of operations due to the fact that the costs of our non-U.S. operations are
primarily incurred in local currencies while their products are primarily sold in dollars and euros; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> imposition of or increases in customs duties and other tariffs; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> imposition of or increases in currency exchange controls, including imposition of or increases in limitations on conversion of various
currencies into dollars, euros, or other currencies, making of intercompany loans by subsidiaries or remittance of dividends, interest or principal payments or other payments by subsidiaries; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> imposition of or increases in revenue, income or earnings taxes and withholding and other taxes on remittances and other payments by
subsidiaries; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> inflation, deflation and stagflation in any country in which we have a manufacturing facility; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> imposition of or increases in investment or trade restrictions by the United States or other jurisdictions or trade sanctions adopted by the
United States; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> inability to determine or satisfy legal requirements, effectively enforce contract or legal rights, including our rights under our three- to
five-year take-or-pay contracts, and obtain complete financial or other information under local legal, judicial, regulatory, disclosure and other systems; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> nationalization or expropriation of assets, and other risks that could result from a change in government or government policy, or from other
political, social or economic instability. </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>Any
of these risks could have a material adverse effect on our business, financial condition, results of operations or cash flows, and we may not be able to mitigate these effects. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B><I> The fluctuation of foreign currency exchange rates could materially harm our financial results.  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Changes in foreign currency exchange rates have in the past resulted, and may in the future result, in significant gains or losses. When the currencies of
non-U.S. countries in which we have a manufacturing facility decline (or increase) in value relative to the U.S. dollar, this has the effect of reducing (or increasing) the U.S. dollar equivalent cost
of sales and other expenses with respect to those facilities. In certain countries in which we have manufacturing facilities, and in certain instances where we price our products for sale in export
markets, we sell in currencies other than the dollar. Accordingly, increases (or </FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>declines)
in value in these currencies relative to the U.S. dollar have the effect of increasing (or reducing) our net sales. The result of these effects is to increase (or decrease) operating profit
and net income. Additionally, as part of our cash management, we have non-U.S. dollar-denominated intercompany loans between our subsidiaries. These loans are deemed to be temporary and, as a result,
remeasurement gains and losses on these loans are recorded as currency gains and losses in other income (expense), net, on the Consolidated Statements of Income. We have in the past entered into, and
may in the future enter into, foreign currency derivatives to attempt to manage exposure to changes in currency exchange rates. These hedges may be insufficient or ineffective in protecting against
the impact of these fluctuations. We also may purchase or sell these financial instruments, and open and close hedges or other positions, at any time. Fluctuations in foreign currency exchange rates
could materially harm our financial results. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B><I> Our results of operations could deteriorate if our manufacturing operations were substantially disrupted for an extended period for any reason, including equipment failure, climate
change, natural disasters, public health crises, political crises or other catastrophic events.  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our manufacturing operations are subject to disruption due to equipment failure, extreme weather conditions, floods, hurricanes and tropical storms and
similar events, major industrial accidents, including fires or explosions, cybersecurity attacks, strikes and lockouts, adoption of new laws or regulations, changes in interpretations of existing laws
or regulations or changes in governmental enforcement policies, civil disruption, riots, terrorist attacks, war, public health crises and other events. These events may also impact the operations of
one or more of our suppliers. For example, the potential physical impacts of climate change on our operations are uncertain and will likely be particular to the geographic circumstances. These
physical impacts may include changes in rainfall and storm patterns, shortages of water or other natural resources, changing sea levels, and changing global average temperatures. For instance, our
Seadrift facility in Texas and our Calais facility in France are located in geographic areas less than 50 feet above sea level. As a result, any future rising sea levels could have an adverse impact
on their operations and on their suppliers. In addition, our three operating manufacturing facilities are currently operating at or near full production capacity. As a result, in the event
manufacturing operations are substantially disrupted at one of our operating facilities, we will not have the ability to increase production at our remaining operating facilities in order to
compensate. To the extent any of these events occur, our business, financial condition and operating results could be materially and adversely affected. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B><I> Plant production capacity expansions may be delayed or may not achieve the expected benefits.  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our ability to complete currently planned or future production capacity expansions, including our operational improvement and debottlenecking initiative and
the potential restart of our St.&nbsp;Marys plant, may be delayed, interrupted or otherwise limited by the need to obtain environmental and other regulatory approvals, unexpected cost increases,
availability of labor and materials, unforeseen hazards such as weather conditions, and other risks customarily associated with construction projects. For example, the potential restart of our
St.&nbsp;Marys plant will be substantially dependent on the availability of external sources of petroleum needle coke. Moreover, the costs of these activities could have a negative impact on our
results of operations, particularly until capacity utilization at the facility is sufficient to absorb the incremental costs of expansion. In addition, completed capacity expansions may not achieve
the expected benefits as a result of changes in market conditions, raw material shortages or other unforeseen contingencies. </FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2><B><I> We depend on third parties for certain construction, maintenance, engineering, transportation, warehousing and logistics services.  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We contract with third parties for certain services relating to the design, construction and maintenance of various components of our production facilities
and other systems. If these third parties fail to comply with their obligations, we may experience delays in the completion of expansions of existing facilities or the facilities may not operate as
intended, which may result in delays in the production of our products and materially adversely affect our ability to meet our production targets and satisfy customer requirements or we may be
required to recognize impairment charges. In addition, production delays could cause us to miss deliveries and breach our contracts, which could damage our relationships with our customers and subject
us to claims for damages under our contracts. Any of these events could have a material adverse effect on our business, financial condition, results of operations or cash flows. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
also rely primarily on third parties for the transportation of the products we manufacture. In particular, a significant portion of the goods we manufacture are transported to different countries,
which requires sophisticated warehousing, logistics and other resources. If any of the third parties that we use to transport products are unable to deliver the goods we manufacture in a timely
manner, we may be unable to sell these products at full value or at all, which could cause us to miss deliveries and breach our contracts, which could damage our relationships with our customers and
subject us to claims for damages under our contracts. Any of these events could have a material adverse effect on our business, financial condition, results of operations or cash flows. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B><I> We may not be able to recruit or retain key management and plant operating personnel.  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our success is dependent on the management and leadership skills of our key management and plant operating personnel. Following the completion of our
acquisition by Brookfield, our management team has been reorganized, including the establishment of new positions reporting directly to the chief executive officer, and significant competencies have
been added to the management team to further strengthen our business. The loss of any member of our reorganized key management team and
personnel or an inability to attract, retain, develop and maintain additional personnel could prevent us from implementing our business strategy. In addition, our future growth and success also depend
on our ability to attract, train, retain and motivate skilled managerial, sales, administration, operating and technical personnel. The loss of one or more members of our key management or plant
operating personnel, or the failure to attract, retain and develop additional key personnel, could have a material adverse effect on our business, financial condition, results of operations or cash
flows. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B><I> If we are unable to successfully negotiate with the representatives of our employees, including labor unions, we may experience strikes and work stoppages.  </I></B></FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>We are party to collective bargaining agreements and similar agreements with our employees. As of December&nbsp;31, 2017, approximately 718 employees, or
55%, of our worldwide employees, are covered by collective bargaining or similar agreements. As of December&nbsp;31, 2017, approximately 716 employees, or 55% of our worldwide employees, were
covered by agreements that expire, or are subject to renegotiation, at various times through December&nbsp;31, 2018. Although we believe that, in general, our relationships with our employees are
good, we cannot predict the outcome of current and future negotiations and consultations with employee representatives, which could have a material adverse effect on our business. We may not succeed
in renewing or extending these agreements on terms satisfactory to us. Although we have not had any material work stoppages or strikes during the past decade, they may occur in the future during
renewal or extension negotiations or otherwise. A material work stoppage, strike or other union dispute could adversely affect our business, financial condition, results of operations and cash flows. </FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2><B><I> We may divest or acquire businesses, which could require significant management attention or disrupt our business.  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We may divest or acquire businesses to rationalize or expand our businesses and enhance our cash flows. For example, on February&nbsp;26, 2016, we announced
a strategic review of our Engineered Solutions businesses to better direct its resources and simplify its operations. The disposition of those businesses was substantially complete by the end of the
third quarter of 2017. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Any
acquisitions that we are able to identify and complete may involve a number of risks, including:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> our inability to successfully or profitably integrate, operate, maintain and manage our newly acquired operations or employees; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the diversion of our management's attention from our existing business; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> possible material adverse effects on our results of operations during the integration process; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> becoming subject to contingent or other liabilities, including liabilities arising from events or conduct predating the acquisition that were
not known to us at the time of the acquisition; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> our possible inability to achieve the intended objectives of the transaction, including the inability to achieve cost savings and synergies. </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>Any
divestitures may also involve a number of risks, including the diversion of management's attention, significant costs and expenses, the loss of customer relationships and cash flow, and the
disruption of the affected business or business operations. Failure to timely complete or to consummate an acquisition or a divestiture may negatively affect the valuation of the affected business or
business operations or result in restructuring charges. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B><I> We have significant goodwill on our balance sheet that is sensitive to changes in the market, which could result in impairment charges.  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We have $171.1&nbsp;million of goodwill on our balance sheet as of December&nbsp;31, 2017. Our annual impairment test of goodwill was performed in the
fourth quarter of 2017. The estimated fair values of our reporting units were based on discounted cash flow models derived from internal earnings forecasts and assumptions. The assumptions and
estimates used in these valuations incorporated the current and expected economic environment. In that annual impairment test, our graphite electrode reporting unit's fair value exceeded its carrying
value. During the first quarter of 2015, as a result of our ongoing monitoring of triggering events, we recorded a goodwill impairment charge in our petroleum needle coke reporting unit totaling
$35.4&nbsp;million. A deterioration in the global economic environment or in any of the input assumptions in our calculation could adversely affect the fair value of our reporting units and result
in further impairment of some or all of the goodwill on the balance sheet. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B><I> We may be subject to information technology systems failures, cybersecurity attacks, network disruptions and breaches of data security, which could compromise our information and
expose us to liability.  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our information technology systems are an important element for effectively operating our business. Information technology systems failures, including risks
associated with any failure to maintain or upgrade our systems, network disruptions and breaches of data security could disrupt our operations by impeding our processing of transactions, our ability
to protect customer or company information or our financial reporting, leading to increased costs. It is possible that future technological developments could adversely </FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>affect
the functionality of our computer systems and require further action and substantial funds to prevent or repair computer malfunctions. Our computer systems, including our back-up systems, could
be damaged or interrupted by power outages, computer and telecommunications failures, computer viruses, cybercrimes, internal or external security breaches, events such as fires, earthquakes, floods,
tornadoes and hurricanes, or errors by our employees. Although we have taken steps to address these concerns by implementing network security, back-up systems and internal control measures, these
steps may be insufficient or ineffective and a system failure or data security breach could have a material adverse effect on our business, financial condition, results of operations or cash flows. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>Further,
we collect data, including personally identifiable information of our employees, in the course of our business activities and transfer such data between our affiliated entities, to and from
our business partners and to third-party service providers, which may be subject to global data privacy laws and cross-border transfer restrictions. While we take steps to comply with these legal
requirements, any changes to such laws may impact our ability to effectively transfer data across borders in support of our business operations and any breach of such laws may lead to administrative,
civil or criminal liability, as well as reputational harm to the Company and its employees. For example, the European Union's General Data Protection Regulation (GDPR), which is enforceable as of
May&nbsp;25, 2018, introduces a number of new obligations for subject companies, including obligations relating to data transfers and the security of personal data they&nbsp;process. We take steps
to protect the security and integrity of the information we collect, but there is no guarantee that the steps we have taken will prevent inadvertent or unauthorized use or disclosure of such
information, or prevent third parties from gaining unauthorized access to this information despite our efforts. Any such incident could result in legal claims or proceedings, liability under laws that
protect the privacy of personally identifiable information (including the GDPR) and damage to our reputation. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
cost of ongoing compliance with global data protection and privacy laws and the potential fines and penalties levied in the event of a breach of such laws may have an adverse effect on our
business and operations. For example, the GDPR currently provides that supervisory authorities in the European Union may impose administrative fines for non-compliance of up to
&euro;20,000,000 or 4% of the subject company's annual, group-wide turnover (whichever is higher) and individuals who have suffered damage as a result of a subject company's non-compliance
with the GDPR also have the right to seek compensation from such company. We will need to continue dedicating financial resources and management time to compliance efforts with respect to global data
protection and privacy laws, including the&nbsp;GDPR. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B><I> Our ability to grow and compete effectively depends on protecting our intellectual property. Failure to protect our intellectual property could adversely affect our
business</I></B></FONT><FONT SIZE=2><B>.  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We believe that our intellectual property, consisting primarily of patents and proprietary know-how and information, is important to our growth. Failure to
protect our intellectual property may result in the loss of the exclusive right to use our technologies. We rely on patent, trademark, copyright and trade secret laws and confidentiality and
restricted use agreements to protect our intellectual property. However, some of our intellectual property is not covered by any patent or patent application or any such agreement. Intellectual
property protection does not protect against technological obsolescence due to developments by others or changes in customer needs. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Patents
are subject to complex factual and legal considerations. Accordingly, the validity, scope and enforceability of any particular patent can be uncertain. Therefore, we cannot assure you
that:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> any of the U.S. or non-U.S. patents now or hereafter owned by us, or that third parties have licensed to us or may in the future license to us,
will not be circumvented, challenged or invalidated; </FONT></DD></DL>
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<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> any of the U.S. or non-U.S. patents that third parties have non-exclusively licensed to us, or may non-exclusively license to us in the future,
will not be licensed to others; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> any of the patents for which we have applied or may in the future apply will be issued at all or with the breadth of claim coverage we seek. </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>Moreover,
patents, even if valid, only provide protection for a specified limited duration. In addition, effective patent, trademark and trade secret protection may be limited or unavailable or we may
not apply for it in the United States or in any of the other countries in which we operate. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
protection of our intellectual property rights may be achieved, in part, by prosecuting claims against others who we believe have misappropriated our technology or have infringed upon our
intellectual property rights, as well as by defending against misappropriation or infringement claims brought by others against us. Our involvement in litigation to protect or defend our rights in
these areas could result in a significant expense to us, adversely affect the development of sales of the related products, and divert the efforts of our technical and management personnel, regardless
of the outcome of such litigation. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
cannot assure you that agreements designed to protect our proprietary know-how and information will not be breached, that we will have adequate remedies for any such breach, or that our strategic
alliance suppliers and customers, consultants, employees or others will not assert rights against us with respect to intellectual property arising out of our relationships with them. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B><I> Third parties may claim that our products or processes infringe their intellectual property rights, which may cause us to pay unexpected litigation costs or damages or prevent us
from selling our products or services.  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>From time to time, we may become subject to legal proceedings, including allegations and claims of alleged infringement or misappropriation by us of the
patents and other intellectual property rights of third parties. We cannot assure you that the use of our patented technology or proprietary know-how or information does not infringe the intellectual
property rights of others. In addition, attempts to enforce our own intellectual property claims may subject us to counterclaims that our intellectual property rights are invalid, unenforceable or are
licensed to the party against whom we are asserting the claim or that we are infringing that party's alleged intellectual property rights. We may also be obligated to indemnify affiliates or other
partners who are accused of violating third parties' intellectual property rights by virtue of those affiliates or partners' agreements with us, and this could increase our costs in defending such
claims and our damages. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Legal
proceedings involving intellectual property rights, regardless of merit, are highly uncertain and can involve complex legal and scientific analyses, can be time consuming, expensive to litigate
or settle and can significantly divert resources, even if resolved in our favor. Our failure to prevail in such matters could result in loss of intellectual property rights or judgments awarding
substantial damages and injunctive or other equitable relief against us. If we were to be held liable or discover or be notified that our products or processes potentially infringe or otherwise
violate the intellectual property rights of others, we may face a loss of reputation and may not be able to exploit some or all of our intellectual property rights or technology. If necessary, we may
seek licenses to intellectual property of others. However, we may not be able to obtain the necessary licenses on terms acceptable to us or at all. Our failure to obtain a license from a third party
for that intellectual property necessary for the production or sale of any of our products could cause us to incur substantial liabilities and/or suspend the production or shipment of products or the
use of processes requiring the use of that intellectual property. We may be required to substantially re-engineer our products or processes to avoid infringement. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>36</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>Any
of the foregoing may require considerable effort and expense, result in substantial increases in operating costs, delay or inhibit sales or preclude us from effectively competing in the
marketplace, which in turn could have a material adverse effect on our business and financial results. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B><I> Our operations are subject to hazards which could result in significant liability to us.  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our operations are subject to hazards associated with manufacturing and the related use, storage, transportation and disposal of raw materials, products and
wastes. These hazards include explosions, fires, severe weather (including but not limited to hurricanes or other adverse weather that may be increasing as a result of climate change) and natural
disasters, industrial accidents, mechanical failures, discharges or releases of toxic or hazardous substances or gases, transportation interruptions, human error and terrorist activities. These
hazards can cause personal injury and loss of life, severe damage to or destruction of property and equipment as well as environmental damage, and may result in suspension of operations and the
imposition of civil and criminal liabilities, including penalties and damage awards. While we believe our insurance policies are in accordance with customary industry practices, such insurance may not
cover all risks associated with the hazards of our business and is subject to limitations, including deductibles and maximum liabilities covered. We may incur losses beyond the limits, or outside the
coverage, of our insurance policies. In the future, we may not be able to obtain coverage at current levels, and our premiums may increase significantly on coverage that we maintain. Costs associated
with unanticipated events in excess of our insurance coverage could have a material adverse effect on our business, competitive or financial position or our ongoing results of operations. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B><I> Stringent health, safety and environmental regulations applicable to our manufacturing operations and facilities could result in substantial costs related to compliance, sanctions or
material liabilities and may affect the availability of raw materials.  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We are subject to stringent environmental, health and safety laws and regulations relating to our current and former properties (including former onsite
landfills over which we have retained ownership), other properties that neighbor ours or to which we sent wastes for treatment or disposal, as well as our current raw materials, products, and
operations. Some of our products (including our raw materials) are subject to extensive environmental and industrial hygiene regulations governing the registration and safety analysis of their
component substances. Coal tar pitch, which is classified as a substance of very high concern under REACH, is used in certain of our processes but in a manner that does not currently require us to
obtain a specific authorization from the European Chemicals Agency (or ECHA). Violations of these laws and regulations, or of the terms and conditions of permits required for our operations, can
result in damage claims, in the imposition of substantial fines and criminal sanctions and sometimes require the installation of costly pollution control or safety equipment or costly changes in
operations to limit pollution or decrease the likelihood of injuries. In addition, we are currently conducting remediation and/or monitoring at certain current and former properties and may become
subject to material liabilities in the future for the investigation and cleanup of contaminated properties, including properties on which we have ceased operations. We have been in the past, and could
be in the future, subject to claims alleging personal injury, death or property damage resulting from exposure to hazardous substances, accidents or otherwise for conditions creating an unsafe
workplace. Further, alleged noncompliance with or stricter enforcement of, or changes in interpretations of, existing laws and regulations, adoption of more stringent new laws and regulations,
discovery of previously unknown contamination or imposition of new or increased requirements could require us to incur costs or become the basis of new or increased liabilities that have a material
adverse impact on our operations, costs or results of operations. It is also possible that the impact of safety and environmental regulations on our suppliers could affect the availability and cost of
our raw materials. </FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>For
example, legislators, regulators and others, as well as many companies, are considering ways to reduce emissions of greenhouse gases (or GHGs) due to scientific, political and public concern that
GHG emissions are altering the atmosphere in ways that are affecting, and are expected to continue to affect, the global climate. The EU has established GHG regulations and is revising its emission
trading system for the period after 2020 in a manner that may require us to incur additional costs. The United States required reporting of greenhouse gas emissions from certain large sources
beginning in 2011. Further measures, in the EU and many other countries, may be enacted in the future. In particular, in December 2015, more than 190 countries participating in the United National
Framework Convention on Climate Change reached an international agreement related to curbing GHG emissions (or Paris Agreement). Further GHG regulations under the Paris Agreement or otherwise may take
the form of a national or international cap-and-trade emissions permit system, a carbon tax, emissions controls, reporting requirements, or other regulatory initiatives. For more information, see the
section entitled "Business</FONT><FONT SIZE=2><B>&#151;</B></FONT><FONT SIZE=2>Environment." </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>It
is possible that some form of regulation of GHG emissions will also be introduced in the future in other countries in which we operate or market our products. Regulation of GHG emissions could
impose additional costs, both direct and indirect, on our business, and on the businesses of our customers and suppliers, such as increased energy and insurance rates, higher taxes, new environmental
compliance program expenses, including capital improvements, environmental monitoring and the purchase of emission credits, and other administrative costs necessary to comply with current and
potential future requirements or limitations that may be imposed, as well as other unforeseen or unknown costs. To the extent that similar requirements and limitations are not imposed globally, this
regulation may impact our ability to compete with companies located in countries that do not have these requirements or limitations. We may also experience a change in competitive position relative to
industry peers, changes in prices received for products sold and changes to profit or loss arising from increased or decreased demand for our products. The impact of any future GHG regulatory
requirements on our global business will be dependent upon the
design of the regulatory schemes that are ultimately adopted and, as a result, we are unable to predict their significance to our operations at this time. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2><B><I> Significant changes in our jurisdictional earnings mix or in the tax laws of those jurisdictions could adversely affect our business, financial condition, results or operations and
cash flows.  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our future tax rates may be adversely affected by a number of factors, including the enactment of new tax legislation, other changes in tax laws or the
interpretation of tax laws, changes in the estimated realization of our net deferred tax assets (arising, among other things, from tax loss carry forwards and our acquisition by Brookfield), changes
to the jurisdictions in which profits are determined to be earned and taxed, adjustments to estimated taxes upon finalization of various tax returns, increases in expenses that are not deductible for
tax purposes, including write-offs of acquired in-process R&amp;D and impairment of goodwill in connection with acquisitions, changes in available tax credits and additional tax or interest payments
resulting from tax audits with various tax authorities. Losses for which no tax benefits can be recorded could materially impact our tax rate and its volatility from period to period. Any significant
change in our jurisdictional earnings mix or in the tax laws in those jurisdictions could increase our tax rates and adversely impact our financial results in those periods. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2><B><I> New tax legislation could adversely affect us or our shareholders  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>New tax legislation, the Tax Act, was enacted on December&nbsp;22, 2017. The Tax Act significantly revises the U.S. corporate income tax regime by, among
other things:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> lowering corporate income tax rates; </FONT></DD></DL>
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<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> temporarily allowing for immediate expensing of expenditures for certain tangible property; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> repealing the corporate alternative minimum tax; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> implementing a 100% dividends-received deduction on certain dividends from 10% or greater owned foreign subsidiaries; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> imposing an income tax on deemed repatriated earnings of foreign subsidiaries generally as of December&nbsp;31, 2017 (payable at reduced
rates and potentially over an eight year period); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> imposing tax at a reduced rate on certain income derived by foreign corporate subsidiaries in excess of a deemed return on tangible assets
(i.e.,&nbsp;tax on "global intangible low-taxed income" or GILTI); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> imposing limitations on the ability to deduct interest expense and utilize net operating losses (or NOLs), and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> instituting certain proposals to limit base erosion (including the "base erosion anti-abuse tax" or BEAT, and limitations on the deductibility
of certain related-party payments). </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>Although
we currently anticipate that the Tax Act and the accompanying changes in the corporate tax rate and calculation of taxable income will have a favorable effect on our financial condition,
profitability and cash flows, the overall implications of the Tax Act at this time are uncertain, and it is not possible to predict the full effect of the Tax Act on our business and operations. Thus,
the Tax Act and future implementing regulations, administrative guidance or interpretations of the legislation may have unanticipated adverse effects on us or our shareholders. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2><B><I> We will be required to make payments under a tax receivable agreement for certain tax benefits we may claim in the future, and the amounts we may pay could be&nbsp;significant.  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Immediately prior to the completion of this offering, we will enter into a tax receivable agreement (or&nbsp;the TRA) that provides the right to receive
future payments from us to certain of our stockholders prior to the completion of this offering (or the Existing Stockholders) of 85% of the amount of cash savings, if any, in U.S.&nbsp;federal
income tax and Swiss tax that we and our subsidiaries realize as a result of the utilization of certain tax assets attributable to periods prior to our initial public offering, including certain
federal net operating losses (or&nbsp;NOLs), previously taxed income under Section&nbsp;959 of the Internal Revenue Code of 1986, as amended from time to time (or the Code), foreign tax credits,
and certain NOLs in GrafTech Switzerland&nbsp;S.A. (or, collectively, the Pre-IPO Tax Assets). In addition, we will pay interest on the payments we will make to the Existing Stockholders with
respect to the amount of this cash savings from the due date (without extensions) of our tax return where we realize this savings to the payment date at a rate equal to LIBOR plus 1.00% per annum. The
term of the TRA will commence upon consummation of this offering and will continue until there is no potential for any future tax benefit payments. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
expect that, based on current tax laws and taking into account recent changes under the Tax&nbsp;Act, no material payments will be made to our counterparties during the term of the TRA. However,
there is still uncertainty surrounding the Tax&nbsp;Act, and it is possible that a change in law or additional implementing regulations, administrative guidance or interpretations of the
Tax&nbsp;Act could enable us to utilize our Pre-IPO Tax Assets to reduce future U.S.&nbsp;federal income tax and Swiss tax realized by us and our subsidiaries. If such future events were to occur,
and assuming that we and our subsidiaries earn sufficient taxable income to realize the full tax benefits subject to the TRA, we expect that payments under the TRA relating to the Pre-IPO Tax Assets
could aggregate to a maximum amount of approximately $100&nbsp;million. This figure does not account for our Pre-IPO Tax Assets attributable to previously taxed income under </FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>Section&nbsp;959
of the Code, the value of which is highly speculative, and certain NOLs in GrafTech Switzerland S.A., which we expect to have nominal value at the time of this offering. Any
payments made by us to our counterparties under the TRA will generally reduce the amount of overall cash flow that might have otherwise been available to&nbsp;us. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>For
more information about the TRA, see "Certain relationships and related party transactions&#151;Tax Receivable Agreement." </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2><B><I> There are material limitations with making estimates of our results for current or prior periods prior to the completion of our normal review procedures for those periods.  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The preliminary financial data contained in "Summary" is not a comprehensive statement of our financial data for the two months ended February&nbsp;28, 2018
or the quarter ended March&nbsp;31, 2018 and has not been reviewed or audited by our independent registered public accounting firm or any other independent auditors. The actual data for the two
months ended February&nbsp;28, 2018 and the quarter ended March&nbsp;31, 2018 may vary from our expectations and may be materially different from the preliminary financial estimates we have
provided due to completion of monthly or quarterly close procedures, as applicable, final adjustments and other developments that may arise between now and the time the financial data for this period
are finalized. In addition, these preliminary results are not necessarily indicative of what our results will be in the year ended December&nbsp;31, 2018. See "Management Discussion and Analysis of
Financial Condition and Results of Operations." </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Accordingly,
investors should not place undue reliance on this preliminary financial information. If any of these risks were to materialize, our business, results of operations, cash flows and
financial condition could be materially adversely affected. The risks referred to above are not the only ones that may exist. Additional risks not currently known by us or that we deem immaterial may
also impair our business operations. </FONT></P>

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Risks related to our indebtedness  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B><I> Our indebtedness could limit our financial and operating activities and adversely affect our ability to incur additional debt to fund future needs and our ability to fulfill our
obligations under our existing and future indebtedness.  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>On February&nbsp;12, 2018, we entered into the 2018 Credit Agreement among us, various of our subsidiaries, the lenders and issuing banks party thereto and
JPMorgan Chase Bank, N.A. as administrative agent and as collateral agent, which provides for the Senior Secured Credit Facilities. The 2018 Revolving Credit Facility may be used from time to time for
revolving credit borrowings denominated in dollars or Euro, the issuance of one or more letters of credit denominated in dollars, Euro, Pounds Sterling or Swiss Francs and one or more swing line loans
denominated in dollars. On February&nbsp;12, 2018, our wholly owned subsidiary, GrafTech Finance, borrowed $1,500&nbsp;million aggregate principal of the 2018 Term Loans. The 2018 Term Loans
mature on February&nbsp;12, 2025. The maturity date for the 2018 Revolving Credit Facility is February&nbsp;12, 2023. Funds received were used to pay off our outstanding debt, including borrowings
under our existing credit agreement and the Senior Notes and accrued interest relating to such borrowings and the Senior Notes, declare and pay a dividend to the selling stockholder and pay fees and
expenses incurred in connection therewith and for other general corporate purposes. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Prior
to the consummation of this offering, we expect to declare a dividend in the form of the $750 million Brookfield Promissory Note to the selling stockholder. If issued, the Brookfield Promissory
Note will mature eight years from the date of issuance and will bear interest at a rate equal to the Adjusted LIBO Rate (as </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>40</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>defined
in the Brookfield Promissory Note) plus an applicable margin equal to 4.50% per annum, with an additional 2.00% per annum starting from the third anniversary from the date of issuance. We will
be permitted to make voluntary prepayments at any time without premium or penalty. All obligations under the Brookfield Promissory Note will be unsecured and guaranteed by all of our existing and
future
domestic wholly owned subsidiaries that guarantee, or are borrowers under, the Senior Secured Credit Facilities. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>As
of December 31, 2017, after giving effect to (i)&nbsp;our entrance into the 2018 Credit Agreement, the borrowing of $1,500 million of 2018 Term Loans under the 2018 Term Loan Facility on
February&nbsp;12, 2018 and the use of proceeds therefrom and (ii) the issuance of Brookfield Promissory Note, we would have had approximately $2,250&nbsp;million of indebtedness outstanding, with
$241.8&nbsp;million available for borrowing under the 2018 Revolving Credit Facility (taking into account approximately $8.2&nbsp;million of outstanding letters of credit issued thereunder). </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Applying
an interest rate of one month LIBOR as of February&nbsp;28, 2018, our interest expense for the borrowings under the 2018 Term Loans and the Brookfield Promissory Note, had the 2018 Term
Loans and the Brookfield Promissory Note been in place since January&nbsp;1, 2017, would have totaled approximately $123.9&nbsp;million for the year ended December&nbsp;31, 2017. Actual interest
expense for the year ended December&nbsp;31, 2017 was approximately $30.8&nbsp;million. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>This
substantial amount of indebtedness could:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> require us to dedicate a substantial portion of our cash flow to the payment of principal and interest, thereby reducing the funds available
for operations and future business opportunities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> make it more difficult for us to satisfy our obligations; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> limit our ability to borrow additional money if needed for other purposes, including working capital, capital expenditures, debt service
requirements, acquisitions and general corporate or other purposes, on satisfactory terms or at all; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> limit our ability to adjust to changing economic, business and competitive conditions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> place us at a competitive disadvantage with competitors who may have less indebtedness or greater access to financing; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> make us more vulnerable to an increase in interest rates, a downturn in our operating performance or a decline in general economic conditions;
and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> make us more susceptible to changes in credit ratings, which could impact our ability to obtain financing in the future and increase the cost
of such financing. </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>Compliance
with our debt obligations under the Senior Secured Credit Facilities could materially limit our financial or operating activities, or hinder our ability to adapt to changing industry
conditions, which could result in our losing market share, a decline in our revenue or a negative impact on our operating results. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B><I> The 2018 Credit Agreement includes, and the Brookfield Promissory Note is expected to include, covenants that could restrict or limit our financial and business operations.  </I></B></FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>The 2018 Credit Agreement and the Brookfield Promissory Note contain a number of restrictive covenants that, subject to certain exceptions and qualifications,
restrict or limit our ability and the ability of our subsidiaries to, among other things:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> incur, repay or refinance indebtedness; </FONT></DD></DL>
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<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> create liens on or sell our assets; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> engage in certain fundamental corporate changes or changes to our business activities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> make investments or engage in mergers or acquisitions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> pay dividends or repurchase stock; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> engage in certain affiliate transactions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> enter into agreements or otherwise restrict our subsidiaries from making distributions or paying dividends to the borrowers under the Senior
Secured Credit Facilities or to us or certain of our subsidiaries under the Brookfield Promissory Note, as applicable; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> repay intercompany indebtedness or make intercompany distributions or pay intercompany dividends. </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>The
2018 Credit Agreement also contains certain affirmative covenants and contains a financial covenant that requires us to maintain a senior secured first lien net leverage ratio not greater than
4.00:1.00 when the aggregate principal amount of borrowings under the 2018 Revolving Credit Facility and outstanding letters of credit issued under the 2018 Revolving Credit Facility (except for
undrawn letters of credit in an aggregate amount equal to or less than $35&nbsp;million), taken together, exceed 35% of the total amount of commitments under the 2018 Revolving Credit Facility. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>These
covenants and restrictions could affect our ability to operate our business, and may limit our ability to react to market conditions or take advantage of potential business opportunities as they
arise. Additionally, our ability to comply with these covenants may be affected by events beyond our control, including general economic and credit conditions and industry downturns. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>If
we fail to comply with the covenants in the 2018 Credit Agreement and are unable to obtain a waiver or amendment, an event of default would result, and the lenders and noteholders could, among
other things, declare outstanding amounts due and payable or refuse to lend additional amounts to us, or require deposit of cash collateral in respect of outstanding letters of credit. If we were
unable to repay or pay the amounts due, the lenders under the 2018 Credit Agreement could, among other things, proceed against the collateral granted to them to secure the indebtedness, which includes
substantially all of our and our U.S. subsidiaries' assets and certain assets of certain of our non-U.S. subsidiaries. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B><I> Our cash flows may not be sufficient to service our indebtedness, and if we are unable to satisfy our obligations under our indebtedness, we may be required to seek other financing
alternatives, which may not be successful.  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our ability to make timely payments of principal and interest on our debt obligations, including our obligations under the Senior Secured Credit Facilities,
depends on our ability to generate positive cash flows from operations, which is subject to general economic conditions, competitive pressures and certain financial, business and other factors beyond
our control. If our cash flows and capital resources are insufficient to make these payments, we may be required to seek additional financing sources, reduce or delay capital expenditures, sell assets
or operations or refinance our indebtedness. These actions could have a material adverse effect on our business, financial conditions and results of operations. In addition, we may not be able to take
any of these actions, and, even if successful, these actions may not permit us to meet our scheduled debt service obligations. Our ability to restructure or refinance the debt under the Senior Secured
Credit Facilities will depend on, among other things, the condition of the capital markets and our financial condition at the time. We may not be able to restructure or refinance any of our </FONT></P>

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

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<P style="font-family:arial;"><FONT SIZE=2>indebtedness
on commercially reasonable terms or at all. If we cannot make scheduled payments on our debt, we will be in default and the outstanding principal and interest on our debt could be
declared to be due and payable, in which case we could be forced into bankruptcy or liquidation or required to substantially restructure or alter our business operations or debt obligations. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B><I> Borrowings under the Senior Secured Credit Facilities bear interest at a variable rate, which subjects us to interest rate risk, which could cause our debt service obligations to
increase significantly.  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>All of our borrowings under the Senior Secured Credit Facilities are at variable rates of interest and expose us to interest rate risk. If interest rates
increase, our debt service obligations on this variable rate indebtedness would increase even if the amount borrowed remains the same. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>Additionally,
we have in the past entered into, and may in the future enter into, interest rate swaps and caps to attempt to manage interest rate expense. We may purchase or sell these financial
instruments, and open and close hedges or other positions, at any time. Changes in interest rates have in the past resulted, and may in the future result, in significant gains or losses. These
instruments are marked-to-market monthly and related gains and losses are recorded in Other Comprehensive Income on the Consolidated Balance Sheets. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B><I> A lowering or withdrawal of the ratings assigned to our debt by rating agencies may increase our future borrowing costs and reduce our access to capital.  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Any rating assigned to our debt could be lowered or withdrawn entirely by a rating agency if, in that rating agency's judgment, future circumstances relating
to the basis of the rating, such as adverse changes, so warrant. Any future lowering of our ratings likely would make it more difficult or more expensive for us to obtain additional debt financing.
Additionally, we enter into various forms of hedging arrangements against currency, interest rate or decant oil price fluctuations. Financial strength
and credit ratings are also important to the availability and pricing of these hedging activities, and a downgrade of our credit ratings may make it more costly for us to engage in these activities. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B><I> Disruptions in the capital and credit markets, which may occur at any time, could adversely affect our results of operations, cash flows and financial condition, or those of our
customers and suppliers.  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Disruptions in the capital and credit markets as a result of uncertainty, changing or increased regulation, reduced alternatives or failures of significant
financial institutions could adversely affect our access to liquidity needed to conduct or expand our businesses or conduct acquisitions or make other discretionary investments, as well as our ability
to effectively hedge our currency or interest rate risks and exposures, which could adversely impact our business, results of operations, financial condition and cash flows. These disruptions may also
adversely impact the financial position of our customers and suppliers, which, in turn, could adversely affect our results of operations, financial condition and cash flows. </FONT></P>


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Risks related to our common stock  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B><I> If the ownership of our common stock continues to be highly concentrated, it may prevent minority stockholders from influencing significant corporate decisions and may result in
conflicts of interest.  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Following the completion of this offering, Brookfield will own approximately 88% of our outstanding common stock, or approximately 87% if the underwriters'
overallotment option is fully exercised. As a result, Brookfield will own shares sufficient for the majority vote over all matters requiring a stockholder vote, including the election of directors;
mergers, consolidations and acquisitions; the sale of all or substantially all of our assets and other decisions affecting our capital structure; the amendment of our </FONT></P>

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

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<P style="font-family:arial;"><FONT SIZE=2>existing
Amended and Restated Certificate of Incorporation (or Certificate of Incorporation) and our existing Amended and Restated By-Laws (or By-Laws); and our winding up and dissolution. This
concentration of ownership may delay, deter or prevent acts that would be favored by our other stockholders. The interests of Brookfield may not always coincide with our interests or the interests of
our other stockholders. This concentration of ownership may also have the effect of delaying, preventing or deterring a change in control. Also, Brookfield may seek to cause us to take courses of
action that, in its judgment, could enhance its investment in us, but that might involve risks to our other stockholders or adversely affect us or our other stockholders, including investors in this
offering. As a result, the market price of our common stock could decline or stockholders might not receive a premium over the then-current market price of our common stock upon a change in control.
In addition, this concentration of share ownership may adversely affect the trading price of our common stock because investors may perceive disadvantages in owning shares in a company with
significant stockholders. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B><I> Certain of our stockholders have the right to engage or invest in the same or similar businesses as us.  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Brookfield has other investments and business activities in addition to their ownership of us. Brookfield has the right, and has no duty to abstain from
exercising such right, to engage or invest in the same or similar businesses as us, do business with any of our clients, customers or vendors or employ or otherwise engage any of our officers,
directors or employees. If Brookfield or any of its officers, directors or employees acquire knowledge of a potential transaction that could be a corporate opportunity, they have no duty, to the
fullest extent permitted by law, to offer such corporate opportunity to us, our stockholders or our affiliates. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>In
the event that any of our directors and officers who is also a director, officer or employee of Brookfield acquires knowledge of a corporate opportunity or is offered a corporate opportunity,
provided that this knowledge was not acquired solely in such person's capacity as our director or officer and such person acts in good faith, then to the fullest extent permitted by law such person is
deemed to have fully satisfied such person's fiduciary duties owed to us and is not liable to us, if Brookfield pursues or acquires the corporate opportunity or if Brookfield does not present the
corporate opportunity to us. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B><I> We may not pay cash dividends on our common stock.  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Following this offering, we currently expect to pay cash dividends on our common stock in accordance with our dividend policy. We cannot assure you, however,
that we will pay dividends in these amounts or at all. Our board of directors may change the timing and amount of any future dividend payments or eliminate the payment of future dividends in its sole
discretion, without any prior notice to our stockholders. Our ability to pay dividends will depend upon many factors, including our financial position and liquidity, results of operations, legal
requirements, restrictions that may be imposed by the terms of our current and future credit facilities and other debt obligations and other factors deemed relevant by our board of directors. For
example, we may or may not be able to, or may decide not to, pay dividends if we are unable, for any reason, to continue our new three- to five-year take-or-pay contracts strategy in the future or we
experience a significant disruption in our manufacturing operations or our production of petroleum needle coke at Seadrift that, in either case, inhibits our ability to deliver the contracted volumes
under our three- to five-year take-or-pay contracts. In addition, adverse market conditions may lead us to prioritize repaying the principal on our outstanding indebtedness. Our ability to pay
dividends on our common stock is also limited as a practical matter by the terms of the 2018 Credit Agreement. In the future, we may also enter into other credit agreements or other borrowing
arrangements or issue debt securities that, in each case, restrict or limit our ability to pay cash dividends on our common stock. In addition, since we are a holding company with no operations of our
own, our ability to pay dividends is dependent on the ability of </FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>our
subsidiaries to make distributions to us. Their ability to make such distributions will be subject to their operating results, cash requirements and financial condition. Any change in the level of
our dividends or the suspension of the payment thereof could adversely affect the market price of our common&nbsp;stock. See "Dividend Policy." </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2><B><I> Certain provisions, including in the Amended and Restated Certificate of Incorporation and the Amended and Restated By-Laws that we intend to adopt in connection with this offering,
could hinder, delay or prevent a change in control, which could adversely affect the price of our common stock.  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our Amended and Restated Certificate of Incorporation (or Amended Certificate of Incorporation) and Amended and Restated By-Laws (or Amended By-Laws) will
contain provisions that
could make it more difficult for a third party to acquire us without the consent of our board of directors or Brookfield, including:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> provisions in our Amended Certificate of Incorporation and Amended By-Laws that prevent stockholders from calling special meetings of our
stockholders, except where the Delaware General Corporation Law (or the DGCL) confers the right to fix the date of such meetings upon shareholders; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> advance notice requirements by stockholders with respect to director nominations and actions to be taken at annual meetings; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> certain rights of Brookfield with respect to the designation of directors for nomination and election to our board of directors; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> no provision in our Amended Certificate of Incorporation or Amended By-Laws will provide for cumulative voting in the election of directors,
which means that the holders of a majority of the outstanding shares of our common stock can elect all the directors standing for election; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> under our Amended Certificate of Incorporation, our board of directors will have authority to cause the issuance of preferred stock from time
to time in one or more series and to establish the terms, preferences and rights of any such series of preferred stock, all without approval of our stockholders; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> nothing in our Amended Certificate of Incorporation will preclude future issuances without stockholder approval of the authorized but unissued
shares of our common stock. </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>These
provisions may make it difficult and expensive for a third party to pursue a tender offer, change in control or takeover attempt that is opposed by Brookfield, our management or our board of
directors. Public shareholders who might desire to participate in these types of transactions may not have an opportunity to do so, even if the transaction is favorable to shareholders. These
anti-takeover provisions could substantially impede the ability of public shareholders to benefit from a change in control or to change our management and board of directors and, as a result, may
adversely affect the market price of our common stock and your ability to realize any potential change of control premium. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>In
addition, in the event of certain changes in control, including if Brookfield's ownership of our outstanding common stock were to fall below 30%, payments to certain of our senior management may be
triggered under certain of our compensation arrangements, which could have an adverse impact on us. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>45</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2><B><I> Our Amended Certificate of Incorporation will provide that the Court of Chancery of the State of Delaware will be the exclusive forum for substantially all disputes between us and
our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our Amended Certificate of Incorporation will provide that the Court of Chancery of the State of Delaware is the exclusive forum
for:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> any derivative action or proceeding brought on our behalf; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> any action asserting a breach of fiduciary duty; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> any action asserting a claim against us arising under the DGCL, our Amended Certificate of Incorporation, or our Amended By-Laws; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> any action asserting a claim against us that is governed by the internal-affairs doctrine. </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>This
exclusive forum provision may limit a stockholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers, or other employees, which
may discourage lawsuits against us and our directors, officers, and other employees. If a court were to find the exclusive forum provision in our Amended Certificate of Incorporation to be
inapplicable or unenforceable in an action, we may incur additional costs associated with resolving the dispute in other jurisdictions, which could harm our business. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B><I> We expect to be a "controlled company" within the meaning of the NYSE corporate governance standards and would qualify for exemptions from certain corporate governance requirements.  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Because Brookfield will own a majority of our outstanding common stock following the completion of this offering, we expect to be a "controlled company" as
that term is set forth in the NYSE corporate governance standards. Under these rules, a company of which more than 50% of the voting power is held by another person or group of persons acting together
is a "controlled company" and may elect not to comply with certain corporate governance requirements, including:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the requirement that a majority of our board of directors consist of independent directors; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the requirement that our governance committee be composed entirely of independent directors with a written charter addressing the committee's
purpose and responsibilities; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the requirement that our compensation committee be composed entirely of independent directors with a written charter addressing the committee's
purpose and responsibilities. </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>These
requirements will not apply to us as long as we remain a "controlled company." Following this offering, we may utilize some or all of these exemptions. Accordingly, you may not have the same
protections afforded to stockholders of companies that are subject to all of the NYSE corporate governance requirements. Brookfield's significant ownership interest could adversely affect investors'
perceptions of our corporate governance. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B><I> The reduced disclosure requirements applicable to us as an "emerging growth company" under the JOBS Act may make our common stock less attractive to investors.  </I></B></FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>We are an "emerging growth company" under the JOBS Act until the earliest of:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the last day of the fiscal year during which we had total annual gross revenues of $1.07&nbsp;billion or more; </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>46</FONT></P>

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<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the last day of the fiscal year following the fifth anniversary of the completion of this offering; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the date on which we have issued more than $1.0&nbsp;billion in non-convertible debt during the previous three-year period; or </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the date on which we are deemed a "large accelerated filer" as defined under the federal securities laws. </FONT></DD></DL>


<P style="font-family:arial;"><FONT SIZE=2>For
so long as we remain an "emerging growth company," we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies, including, but not
limited to, not being required to comply with the auditor attestation requirements of Section&nbsp;404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive
compensation in our periodic reports and proxy statements and exemptions from the requirements of holding a nonbinding advisory vote on certain executive compensation matters, such as "say on pay" and
"say on frequency." As a result, our stockholders may not have access to certain information that they may deem important. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>We
cannot predict if investors will find our common stock less attractive as a result of our taking advantage of these exemptions. If they do, there may be a less active trading market for our common
stock and our stock price may be more volatile. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B><I> There is no current trading market for our common stock and an active and liquid market for our common stock may never develop or be sustained.  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Although our common stock has been approved for listing on the NYSE, an active trading market for our common stock may not develop on that exchange or
elsewhere or, if it does develop, that market may not be sustained. In that case, the liquidity of our common stock, your ability to sell your shares of common stock when desired and the prices that
you may obtain for your shares of common stock would be adversely affected. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B><I> The market price and trading volume of our common stock may be volatile, which could result in rapid and substantial losses for our stockholders.  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Even if an active trading market develops, the market price of our common stock may be highly volatile and could be subject to wide fluctuations. In addition,
the trading volume in our common stock may fluctuate and cause significant price variations to occur. The initial public offering price of our common stock has been determined by negotiation between
us and the representatives of the underwriters based on a number of factors and may not be indicative of prices that will prevail in the open market following completion of this offering. If the
market price of our common stock declines significantly, you may be unable to resell your shares at or above your purchase price, if at all. The market price of our common stock may fluctuate or
decline significantly in the future. Some of the factors that could negatively affect our share price or result in fluctuations in the price or trading volume of our common stock
include:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> variations in our quarterly or annual operating results; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> changes in our earnings estimates (if provided) or differences between our actual financial and operating results and those expected by
investors and analysts; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the contents of published research reports about us or our industry or the failure of securities analysts to cover our common stock after this
offering; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> additions or departures of key management personnel; </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>47</FONT></P>

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<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> any increased indebtedness we may incur in the future; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> announcements by us or others and developments affecting us; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> actions by institutional stockholders; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> litigation and governmental investigations; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> changes in market valuations of similar companies; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> speculation or reports by the press or investment community with respect to us or our industry in general; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> increases in market interest rates that may lead purchasers of our shares to demand a higher yield; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> announcements by us or our competitors of significant contracts, acquisitions, dispositions, strategic relationships, joint ventures or capital
commitments; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> general market, political and economic conditions, including any such conditions and local conditions in the markets in which our customers are
located. </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>These
broad market and industry factors may decrease the market price of our common stock, regardless of our actual operating performance. The stock market in general has from time to time experienced
extreme price and volume fluctuations, including in recent months. In addition, in the past, following periods of volatility in the overall market and the market price of a company's securities,
securities class action litigation has often been instituted against these companies. This litigation, if instituted against us, could result in substantial costs and a diversion of our management's
attention and resources. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B><I> Future offerings of debt or equity securities by us may adversely affect the market price of our common stock.  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In the future, we may attempt to obtain financing or to further increase our capital resources by issuing additional shares of our common stock or offering
debt or other equity securities, including commercial paper, medium-term notes, senior or subordinated notes, debt securities convertible into equity or shares of preferred stock. Future acquisitions
could require substantial additional capital in excess of cash from operations. We would expect to finance any future acquisitions through a combination of additional issuances of equity, corporate
indebtedness, asset-backed acquisition financing and/or cash from operations. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Issuing
additional shares of our common stock or other equity securities or securities convertible into equity may dilute the economic and voting rights of our existing stockholders or reduce the
market price of our common stock or both. Upon liquidation, holders of such debt securities and preferred shares, if issued, and lenders with respect to other borrowings would receive a distribution
of our available assets
prior to the holders of our common stock. Debt securities convertible into equity could be subject to adjustments in the conversion ratio pursuant to which certain events may increase the number of
equity securities issuable upon conversion. Preferred shares, if issued, could have a preference with respect to liquidating distributions or a preference with respect to dividend payments that could
limit our ability to pay dividends to the holders of our common stock. Our decision to issue securities in any future offering will depend on market conditions and other factors beyond our control,
which may adversely affect the amount, timing or nature of our future offerings. Thus, holders of our common stock bear the risk that our future offerings may reduce the market price of our common
stock and dilute their stockholdings in us. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>48</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2><B><I> The market price of our common stock could be negatively affected by sales of substantial amounts of our common stock in the public markets.  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>After this offering, there will be 302,225,923 shares of common stock outstanding. This number includes the 35,000,000&nbsp;shares that Brookfield is
selling in this offering (or 40,250,000&nbsp;shares if the underwriters exercise their overallotment option in full), which will be freely transferable. Following completion of the offering,
approximately 88% of our outstanding common stock (or approximately 87% if the underwriters exercise their overallotment option in full) will be held by Brookfield and can be resold into the public
markets in the future in accordance with the requirements of Rule&nbsp;144. See "Shares Eligible For Future Sale." </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
and our executive officers, directors and Brookfield (who will hold in the aggregate approximately 88% of our outstanding common stock immediately after the completion of this offering, or
approximately 87% if the underwriters exercise their overallotment option in full) have agreed with the underwriters that, subject to certain exceptions, for a period of 180&nbsp;days after the date
of this prospectus, we and they will not directly or indirectly offer, pledge, sell, contract to sell, sell any option or contract to purchase or otherwise dispose of any common stock or any
securities convertible into or exercisable or exchangeable for common stock, or in any manner transfer all or a portion of the economic consequences associated with the ownership of common stock, or
cause a registration statement covering any common stock to be filed, without the prior written consent of J.P.&nbsp;Morgan Securities&nbsp;LLC and Credit Suisse Securities (USA)&nbsp;LLC. See
"Underwriting." J.P.&nbsp;Morgan Securities&nbsp;LLC and Credit Suisse Securities (USA)&nbsp;LLC may waive these restrictions at their discretion. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>The
market price of our common stock may decline significantly when the restrictions on resale by our existing stockholders lapse. A decline in the price of our common stock might impede our ability
to raise capital through the issuance of additional common stock or other equity securities. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B><I> The future issuance of additional common stock in connection with our incentive plans, acquisitions or otherwise will dilute all other stockholdings.  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>After this offering, we will have an aggregate of 2,682,774,077 shares of common stock authorized but unissued and not reserved for issuance under our
incentive plans. We may issue all of these shares of common stock without any action or approval by our stockholders, subject to certain exceptions. We also intend to continue to evaluate acquisition
opportunities and may issue common stock in connection with these acquisitions. Any common stock issued in connection with our incentive plans, acquisitions, the exercise of outstanding stock options
or otherwise would dilute the percentage ownership held by the investors who purchase common stock in this offering. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B><I> As a public company, we will incur additional costs and face increased demands on our management.  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Since our acquisition by Brookfield in 2015, we have continued to comply with certain provisions of the Sarbanes-Oxley Act and regulations of the SEC.
However, as a public company with shares listed on a U.S. exchange, we will need to comply with additional rules and regulations that have not applied to us since 2015. We expect these rules and
regulations to increase our legal and financial compliance costs and to make some activities more time-consuming and costly. For example, as a result of becoming a public company, we intend to add
independent directors and create additional board committees. In addition, we will incur additional costs associated with our public company reporting requirements and maintaining directors' and
officers' liability insurance. We are currently evaluating and monitoring developments with respect to these rules, which may impose additional costs on us and materially affect our business,
financial condition and results of operations. </FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2><B><I> If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, our stock price and trading volume could decline.  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The trading market for our common stock will depend in part on the research and reports that securities or industry analysts publish about us or our business.
We do not currently have and may never obtain research coverage by securities and industry analysts. If no securities or industry analysts commence coverage of our Company, the trading price for our
common stock would be negatively impacted. If we obtain securities or industry analyst coverage and if one or more of the analysts who covers us downgrades our common stock or publishes inaccurate or
unfavorable research about our business, our stock price would likely decline. If one or more of these analysts ceases coverage of us or fails to publish reports on us regularly, demand for our common
stock could decrease, which could cause our stock price and trading volume to decline. </FONT></P>

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Special note regarding forward-looking statements    <BR>  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Some of the statements under "Prospectus Summary," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of
Operations," "Business," "Industry" and elsewhere in this prospectus may contain forward-looking statements that reflect our current views with respect to, among other things, future events and
financial performance. You can identify these forward-looking statements by the use of forward-looking words such as "will," "may," "plan," "estimate," "project," "believe," "anticipate," "expect,"
"intend," "should," "would," "could," "target," "goal," "continue to," "positioned to" or the negative version of those words or other comparable words. Any forward-looking statements contained in
this prospectus are based upon our historical performance and on
our current plans, estimates and expectations in light of information currently available to us. The inclusion of this forward-looking information should not be regarded as a representation by us, the
selling stockholder, the underwriters or any other person that the future plans, estimates or expectations contemplated by us will be achieved. These forward-looking statements are subject to various
risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business, prospects, growth strategy and liquidity. Accordingly, there are or will be
important factors that could cause our actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited
to:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> our history of net losses and the possibility that we may not achieve or maintain profitability in the future; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the possibility that we are unable to implement our business strategies, including our initiative to secure and maintain three- to five-year
take-or-pay customer contracts, in an effective manner; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the possibility that new tax legislation could adversely affect us or our shareholders; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the fact that pricing for graphite electrodes has historically been cyclical and, in the future, the price of graphite electrodes will likely
decline from recent record highs; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the sensitivity of our business and operating results to economic conditions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> our dependence on the global steel industry generally and the EAF steel industry in particular; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the possibility that global graphite electrode overcapacity may adversely affect graphite electrode prices; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the competitiveness of the graphite electrode industry; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> our dependence on the supply of petroleum needle coke; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> our dependence on supplies of raw materials (in addition to petroleum needle coke) and energy; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the legal, economic, social and political risks associated with our substantial operations in multiple countries; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the possibility that fluctuation of foreign currency exchange rates could materially harm our financial results; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the possibility that our results of operations could deteriorate if our manufacturing operations were substantially disrupted for an extended
period, including as a result of equipment failure, climate change, natural disasters, public health crises, political crises or other catastrophic events; </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>51</FONT></P>

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<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the possibility that plant capacity expansions may be delayed or may not achieve the expected benefits; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> our dependence on third parties for certain construction, maintenance, engineering, transportation, warehousing and logistics services; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the possibility that we are unable to recruit or retain key management and plant operating personnel or successfully negotiate with the
representatives of our employees, including labor unions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the possibility that we may divest or acquire businesses, which could require significant management attention or disrupt our business; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the sensitivity of goodwill on our balance sheet to changes in the market; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the possibility that we are subject to information technology systems failures, cybersecurity attacks, network disruptions and breaches of data
security; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> our dependence on protecting our intellectual property; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the possibility that third parties may claim that our products or processes infringe their intellectual property rights; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the possibility that our manufacturing operations are subject to hazards; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> changes in, or more stringent enforcement of, health, safety and environmental regulations applicable to our manufacturing operations and
facilities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the possibility that significant changes in our jurisdictional earnings mix or in the tax laws of those jurisdictions could adversely affect
our business; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the fact that there are material limitations with making estimates of our results for current or prior periods prior to the completion of our
normal review procedures; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the possibility that our indebtedness could limit our financial and operating activities or that our cash flows may not be sufficient to
service our indebtedness; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the possibility that restrictive covenants in our financing agreements could restrict or limit our operations; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the possibility that our cash flows are insufficient to service our indebtedness; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the fact that borrowings under certain of our existing financing agreements subjects us to interest rate risk; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the possibility of a lowering or withdrawal of the ratings assigned to our debt; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the possibility that disruptions in the capital and credit markets adversely affect our results of operations, cash flows and financial
condition, or those of our customers and suppliers; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the possibility that highly concentrated ownership of our common stock may prevent minority stockholders from influencing significant corporate
decisions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the fact that certain of our stockholders have the right to engage or invest in the same or similar businesses as us; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the fact that we do not currently anticipate paying any dividends in the foreseeable future; </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>52</FONT></P>

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<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the fact that certain provisions of our Amended Certificate of Incorporation and our Amended By-Laws could hinder, delay or prevent a change of
control; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the fact that the Court of Chancery of the State of Delaware will be the exclusive forum for substantially all disputes between us and our
stockholders; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> our expectation to be a "controlled company" within the meaning of the NYSE corporate governance standards, which would allow us to qualify for
exemptions from certain corporate governance requirements; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> other risks described in the "Risk Factors" section of this prospectus beginning on page&nbsp;27. </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>These
factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this prospectus. The forward-looking statements made in
this prospectus relate only to events as of the date on which the statements are made. We do not undertake any obligation to publicly update or review any forward-looking statement except as required
by law, whether as a result of new information, future developments or otherwise. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>If
one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or
implied by these forward-looking statements. We caution that you should not place undue reliance on any of our forward-looking statements. You should specifically consider the factors identified in
this prospectus that could cause actual results to differ before making an investment decision to purchase our common stock. Furthermore, new risks and uncertainties arise from time to time, and it is
impossible for us to predict those events or how they may affect us. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>53</FONT></P>

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<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><A
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Use of proceeds    <BR>  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The selling stockholder will receive all of the net proceeds from the sale of shares of our common stock it is offering pursuant to this
prospectus. The aggregate proceeds to the selling stockholder from the sale of shares of common stock will be the purchase price of the shares of common stock less discounts and commissions, if any.
We will not receive any proceeds from the sale of these shares of common stock, including from any exercise by the underwriters of their option to purchase additional shares. We will bear all costs,
fees and expenses in connection with this offering, which are estimated to be $5.2&nbsp;million, except that the selling stockholder will pay all underwriting discounts. See "Principal Stockholders
and Selling Stockholder." </FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><A
NAME="de71304_dividend_policy"> </A>
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Dividend policy    <BR>  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Prior to the consummation of this offering, we expect to declare a $160 million cash dividend payable to the selling stockholder. Payment of
this dividend will be conditioned upon (i)&nbsp;the Senior Secured First Lien Net Leverage Ratio (as defined in the 2018 Credit Agreement), as calculated based on our final financial results for the
first quarter of 2018, being equal to or less than 1.75 to 1.00, (ii)&nbsp;no Default or Event of Default (as defined in the 2018 Credit Agreement) having occurred and continuing or that would
result from the payment of the dividend and (iii)&nbsp;the payment occurring within 60&nbsp;days from the dividend record date. Assuming these conditions are met, we expect to pay the dividend on
or around May 9, 2018 out of the cash expected to be generated between December&nbsp;31, 2017 and the consummation of this offering. However, there can be no assurance that we will meet these
conditions by this date or at all. In addition, although this dividend is not expected to be paid until after the consummation of this offering, it will be payable solely to the selling stockholder,
as sole stockholder of the Company on the dividend record date, which will be prior to the consummation of this offering. As a result, you will not be entitled to receive any portion of this dividend
regardless of when the conditions are satisfied. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Prior
to the consummation of this offering, we expect to declare a dividend in the form of the $750 million Brookfield Promissory Note to the selling stockholder. The issuance of the Brookfield
Promissory Note as a dividend will be conditioned upon (i)&nbsp;the Senior Secured First Lien Net Leverage Ratio (as defined in the 2018 Credit Agreement), as calculated based on our final financial
results for the first quarter of 2018, being equal to or less than 1.75 to 1.00, (ii)&nbsp;no Default or Event of Default (each as defined in the 2018 Credit Agreement) having occurred and
continuing or that would result from the issuance of the Brookfield Promissory Note and (iii) the issuance occurring within 60 days from the dividend record date. Assuming these conditions are met, we
expect to issue the Brookfield Promissory Note as a dividend on or around May 9, 2018. However, there can be no assurance that we will meet these conditions by this date or at all. No funds will be
lent or otherwise contributed to us by the selling stockholder in connection with the Brookfield Promissory Note. As a result, we will receive no consideration in connection with its issuance. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
2017, we reoriented our commercial strategy around a three- to five-year take-or-pay contract framework. We expect a high degree of stability in our future operating results due to these contracts.
As of March&nbsp;1, 2018, we have executed three- to five-year take-or-pay contracts representing approximately 636,000&nbsp;MT at a weighted average contract price over the next five years of
approximately $9,700 per MT. In addition, we believe our ability to source all of our petroleum needle coke requirements for these contracts from our Seadrift facility and our hedging of our purchases
of decant oil mitigates the impact of periodic shortages and price fluctuations of raw materials on our sales and provides us with substantial visibility into our future raw material costs. See
"Business&#151;Contracts and customers." As a result of this recent contract initiative, we currently expect to pay a quarterly cash dividend of $0.085 per share </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>54</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>following
the completion of this offering, or an aggregate of $0.34 per share on an annualized basis. For the quarterly period ending June 30, 2018, we expect to pay a prorated cash dividend for the
period beginning on the closing date of this offering and ending on the last day of that period. We expect to pay this dividend out of cash generated from operations; we do not intend to incur
indebtedness to fund regular, quarterly dividend payments. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
cannot assure you, however, that we will pay dividends in these amounts or at all. Our board of directors may change the timing and amount of any future dividend payments or eliminate the payment
of future dividends in its sole discretion, without any prior notice to our stockholders. Our ability to pay dividends will depend upon many factors, including our financial position and liquidity,
results of operations, legal requirements, restrictions that may be imposed by the terms of our current and future credit facilities and other debt obligations and other factors deemed relevant by our
board of directors. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>For
example, we may or may not be able to, or may decide not to, pay dividends if we are unable, for any reason, to continue our contract strategy in the future or we experience a significant
disruption in our manufacturing operations or our production of petroleum needle coke at Seadrift that, in either case, inhibits our ability to deliver the contracted volumes under our three- to
five-year take-or-pay contracts. In addition, adverse market conditions may lead us to prioritize repaying the principal on our outstanding indebtedness. Our ability to pay dividends on our common
stock is also limited as a practical matter by the terms of the 2018 Credit Agreement. In the future, we may also enter into other credit agreements or other borrowing arrangements or issue debt
securities that, in each case, restrict or limit our ability to pay cash dividends on our common stock. In addition, since we are a holding company with no operations of our own, our ability to pay
dividends is dependent on the ability of our subsidiaries to make distributions to us. Their ability to make such distributions will be subject to their operating results, cash requirements and
financial condition. For further discussion of the factors that may affect our business and our ability to pay dividends, see "Risk Factors&#151;Risks Related to Our Business and Industry" And
"Risk Factors&#151;Risks Related to our Common Stock&#151;We may not pay cash dividends on our common stock." </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>55</FONT></P>

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<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><A
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Capitalization    <BR>  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Because all of the shares of our common stock to be sold in this offering, including those subject to the underwriters' option to purchase
additional shares, will be sold by the selling stockholder, our capitalization will not change as a result of this offering. The following sets forth our cash and cash equivalents and capitalization
as of December&nbsp;31, 2017&nbsp;on:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> an actual basis; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> a pro forma basis to give effect to (A)&nbsp;(i)&nbsp;our entrance into the 2018 Credit Agreement and the borrowing of
$1,500&nbsp;million of 2018 Term Loans thereunder in February 2018; and (ii)&nbsp;the use of proceeds therefrom to (x)&nbsp;repay in full all outstanding indebtedness under the Old Credit
Agreement, (y)&nbsp;redeem in full the Senior Notes at a redemption price of 101.594% of the principal amount thereof plus accrued and unpaid interest to the date of redemption and
(z)&nbsp;declare and pay a dividend to the selling stockholder of $1,112&nbsp;million, (B)&nbsp;the declaration, prior to the consummation of this offering, of the Brookfield Promissory Note as
a dividend to the selling stockholder, and the issuance thereof, which is expected to occur on or around May&nbsp;9, 2018 and (C)&nbsp;the declaration, prior to the consummation of this offering,
of the $160&nbsp;million cash dividend payable to the selling stockholder that we expect to pay on or around May&nbsp;9, 2018 out of cash expected to be generated between December&nbsp;31, 2017
and the consummation of this&nbsp;offering. </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>You
should read this table in conjunction with "Use of Proceeds," "Selected Consolidated Historical Financial Data" and "Management's Discussion and Analysis of Financial Condition and Results of
Operations" and our audited consolidated financial statements and related notes and other financial information included elsewhere in this prospectus. </FONT></P>
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<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>  December&nbsp;31,<BR>
2017</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Pro Forma </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


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




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


 </b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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



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


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


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


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


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


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>  </B></FONT><FONT SIZE=2><B>(thousands)</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



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


 Cash and cash equivalents</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>13,365</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>11,898 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


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




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


 </font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


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


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash dividend payable(1)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>160,000 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


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




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


 </font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


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


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

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


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


 Debt:</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Credit Facility (Old Revolving Credit Facility and Old Term Loan Facility)(2)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>58,192</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


 Senior Notes(2)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>280,586</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2018 Credit Agreement(2)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>1,476,653</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


 Brookfield Promissory Note(3)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>750,000</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other debt</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>596</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>596 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


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




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


 </font>&#8203;</TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


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


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

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



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


 Total debt</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>339,374</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2,227,249 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


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




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


 </font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


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


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stockholders' equity:</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


 Common stock, par value $0.01 per share, 3,000,000,000 shares authorized, 302,225,923 shares issued(4)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>3,022</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>3,022</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Additional paid-in capital</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>851,315</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>851,315</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


 Accumulated other comprehensive (loss) income</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>20,289</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>20,289</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accumulated deficit(1)(2)(3)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(261,411</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(2,307,607</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


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




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


 </font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


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


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

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


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


 Total stockholders' equity</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>613,215</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(1,432,981</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


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




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


 </font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


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


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total capitalization</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>952,589</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>794,268 </FONT></TD>
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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


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</FONT></TD>
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 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>56</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=59,EFW="2235378",CP="GRAFTECH INTERNATIONAL LTD.",DN="1",CHK=619044,FOLIO='56',FILE='DISK103:[17ZDN4.17ZDN71304]DE71304A.;88',USER='RRICKEN',CD='19-APR-2018;09:31' -->
<A NAME="page_de71304_1_57"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">


<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(1)&nbsp;&nbsp;&nbsp;&nbsp;Prior
to the consummation of this offering, we expect to declare a $160&nbsp;million cash dividend payable to the selling stockholder. Payment of this dividend will be conditioned
upon (i)&nbsp;the Senior Secured First Lien Net Leverage Ratio (as&nbsp;defined in the 2018 Credit Agreement), as calculated based on our final financial results for the first quarter of 2018,
being equal to or less than 1.75 to 1.00, (ii)&nbsp;no Default or Event of Default (as&nbsp;defined in the 2018 Credit Agreement) having occurred and continuing or that would result from the
payment of the dividend and (iii)&nbsp;the payment occurring within 60&nbsp;days from the dividend record date. Assuming these conditions are met, we expect to pay the dividend on or around
May&nbsp;9, 2018 out of the cash expected to be generated between December&nbsp;31, 2017 and the consummation of this offering. However, there can be no assurance that we will meet these
conditions by this date or at all. In addition, although this dividend is not expected to be paid until after the consummation of this offering, it will be payable solely to the selling stockholder,
as sole stockholder of the Company on the dividend record date, which will be prior to the consummation of this offering. As a result, you will not be entitled to receive any portion of this dividend
regardless of when the conditions are&nbsp;satisfied.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(2)&nbsp;&nbsp;&nbsp;&nbsp;In
February&nbsp;2018, we entered into the 2018 Credit Agreement, which provides for the 2018&nbsp;Revolving Credit Facility and the 2018&nbsp;Term Loan Facility. At that time,
we also borrowed $1,500&nbsp;million of 2018&nbsp;Term Loans under the 2018&nbsp;Term Loan Facility, the proceeds of which were used, among other things, to repay all outstanding borrowings
under the Old Revolving Credit Facility and Old Term Loan Facility (which were then terminated), redeem in full the Senior Notes at a redemption price of 101.594% of the principal amount thereof plus
accrued and unpaid interest to the date of redemption and declare and pay a dividend of $1,112&nbsp;million to the selling stockholder. Pro&nbsp;forma accumulated deficit includes an aggregate of
$24.2&nbsp;million as a result of the redemption of the Senior Notes, which represents $19.4&nbsp;million related to accelerated accretion of the fair value adjustment on the Senior Notes and a
redemption premium of $4.8&nbsp;million. In addition, as of December&nbsp;31, 2017, after giving effect to the foregoing transactions, we would have also had $241.8&nbsp;million available for
borrowing under the 2018&nbsp;Revolving Credit Facility (taking into account approximately $8.2&nbsp;million of outstanding letters of credit issued thereunder). See "Management's Discussion and
Analysis of Financial Condition and Results of Operations&#151;Financing Transactions&#151;2018&nbsp;Credit Agreement."  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(3)&nbsp;&nbsp;&nbsp;&nbsp;Prior
to the consummation of this offering, we expect to declare a dividend in the form of a $750&nbsp;million promissory note to the selling stockholder. The issuance of the
Brookfield Promissory Note as a dividend will be conditioned upon (i)&nbsp;the Senior Secured First Lien Net Leverage Ratio (as&nbsp;defined in the 2018 Credit Agreement), as calculated based on
our final financial results for the first quarter of 2018, being equal to or less than 1.75 to 1.00, (ii)&nbsp;no Default or Event of Default (each as defined in the 2018 Credit Agreement) having
occurred and continuing or that would result from the issuance of the Brookfield Promissory Note and (iii)&nbsp;the issuance occurring within 60&nbsp;days from the dividend record date. Assuming
these conditions are met, we expect to issue the Brookfield Promissory Note as a dividend on or around May&nbsp;9, 2018. However, there can be no assurance that we will meet these conditions by this
date or at all. In addition, although this note is not expected to be issued as a dividend until after the consummation of this offering, it will be issuable solely to the selling stockholder, as sole
stockholder of the Company on the dividend record date, which will be prior to the consummation of this offering. As a result, you will not be entitled to receive any portion of this dividend
regardless of when the conditions are satisfied. No funds will be lent or otherwise contributed to us by the selling stockholder in connection with the Brookfield Promissory Note. As a result, we will
receive no consideration in connection with its&nbsp;issuance.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(4)&nbsp;&nbsp;&nbsp;Gives
effect to the 3,022,259.23-for-1 stock split on our common stock effected on April&nbsp;12, 2018 but excludes the additional 15,000,000&nbsp;shares reserved for future
issuance under our Omnibus Equity Incentive&nbsp;Plan. </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>57</FONT></P>

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<P style='font-family:arial;page-break-before:always'></p>
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<A NAME="page_de71304_1_58"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><A
NAME="de71304_dilution"> </A>
<A NAME="toc_de71304_5"> </A></FONT> <FONT SIZE=4><B>


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Dilution    <BR>  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>If you invest in our common stock, your ownership interest will be diluted to the extent of the difference between the initial public offering
price in this offering per share of our common stock and the pro forma as adjusted net tangible book value per share of our common stock upon consummation of this offering. Net tangible book value per
share represents the book value of our total tangible assets less the book value of our total liabilities divided by the number of shares of common stock then issued and outstanding. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our
net tangible book value as of December&nbsp;31, 2017 was approximately $333.2&nbsp;million, or approximately $1.10 per share based on the 302,225,923 shares of common stock that will be issued
and outstanding as of the completion of this offering. Because all of the shares of our common stock to be sold in this offering, including those subject to the underwriters' option to purchase
additional shares, will be sold by the selling stockholder, there will be no increase in the number of shares of our common stock outstanding as a result of this offering. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our
pro&nbsp;forma as adjusted net tangible book value is calculated after giving effect to: (A)&nbsp;our payment of the estimated offering expenses in connection with this offering;
(B)&nbsp;our payment on February&nbsp;12, 2018 of a $1,112&nbsp;million cash dividend to the selling stockholder; (C)&nbsp;the declaration, prior to the consummation of this offering, of the
Brookfield Promissory Note as a dividend to the selling stockholder, and the issuance thereof, which is expected to occur on or around May&nbsp;9, 2018; and (D)&nbsp;the declaration, prior to the
consummation of this offering, of the $160&nbsp;million cash dividend payable to the selling stockholder that we expect to pay on or around May&nbsp;9, 2018 out of cash expected to be generated
between December&nbsp;31, 2017 and the consummation of this offering. Our pro&nbsp;forma as adjusted net tangible book value as of December&nbsp;31, 2017 would have been $(1,688.8) million, or
$(5.59) per share based on the 302,225,923&nbsp;shares of common stock that will be issued and outstanding as of the completion of this offering. This represents an immediate dilution of $20.59 per
share to new investors purchasing common stock in this offering. The following table illustrates this dilution per&nbsp;share: </FONT></P>
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</FONT> <FONT SIZE=2>Initial public offering price per share</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
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$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>15.00</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net tangible book value per share as of December&nbsp;31, 2017</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>1.10</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
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 Decrease in net tangible book value per share attributable to the pro&nbsp;forma adjustments described above</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>6.69</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pro forma as adjusted net tangible book value per share</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(5.59</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
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 Dilution per share to new investors in this offering</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>20.59 </FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
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 <P style="font-family:arial;"><FONT SIZE=2>The
following table summarizes, on a pro forma basis as of December&nbsp;31, 2017, the differences between the number of shares of common stock purchased, the total price paid and the average price
per share paid by existing stockholders and by the new investors in this offering, at the initial public offering price of $15.00 per share. </FONT></P>
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<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="47.10pt" style="font-family:arial;"><div style="width:47.10pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
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<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
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<TD WIDTH="29.82pt" style="font-family:arial;"><div style="width:29.82pt;"></div></TD>
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<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


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

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>  Shares purchased </B></FONT></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>  Total consideration </B></FONT></TH>
<TH ROWSPAN=2 style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>  Average<BR>
price per<BR>
share</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>  Number</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>  Percent</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>  Amount</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>  Percent</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


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




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


 </b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


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


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


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


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


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



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


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


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


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


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


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


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


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


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

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



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


 Existing stockholders</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>267,225,923</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>88.4%</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>755,398,448.66</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>59.0%</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>2.83</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>New investors</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>35,000,000</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>11.6%</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>525,000,000.00</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>41.0%</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>15.00</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


 Total</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>302,225,923</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>100%</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>1,280,398,448.66</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>100%</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


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




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


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


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


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



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


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


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


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


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


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


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


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


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


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


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


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>
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 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>58</FONT></P>

<HR NOSHADE>
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<P style="font-family:arial;"><FONT SIZE=2><A
NAME="page_dg71304_1_59"> </A>

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</FONT></P>

<!-- TOC_END -->

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><A
NAME="dg71304_selected_historical_co__dg702282"> </A>
<A NAME="toc_dg71304_1"> </A></FONT> <FONT SIZE=4><B>



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


Selected historical consolidated financial and other data    <BR>  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The following tables present selected consolidated financial information of the Company. You should read these tables along with "Management's
Discussion and Analysis of Financial Condition and Results of Operations," "Business" and our audited consolidated financial statements and the related notes included elsewhere in this prospectus. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
summary consolidated statement of operations data for the years ended December&nbsp;31, 2017, 2016 and 2015 (January&nbsp;1, 2015 to August&nbsp;14, 2015, Predecessor Period, and
August&nbsp;15, 2015 to December&nbsp;31, 2015, Successor Period) and the summary consolidated balance sheet data at December&nbsp;31, 2017 and 2016 have been derived from our audited
consolidated financial statements included elsewhere in this prospectus. Our historical results are not necessarily indicative of the results to be expected in the future. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>As
a result of business combination accounting resulting from our acquisition by Brookfield (see Note&nbsp;2, Preferred Share Issuance and Merger, of the Notes to the Consolidated Financial
Statements included elsewhere in this prospectus), our financial statements are separated into two distinct periods, the period before the consummation of our acquisition by Brookfield (labeled
"Predecessor") and the period after that date (labeled "Successor"), to indicate the application of the different basis of accounting between the periods presented. There were no operational
activities that changed as a result of our acquisition by Brookfield. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>59</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<A NAME="page_dg71304_1_60"> </A>


<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>
 <div style="display:none;*display:block;margin-top:-4pt;"></div>

 <DIV style="padding:0pt;position:relative;width:67%;margin-left:10%;">
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<DIV ALIGN="CENTER"><TABLE width="120%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR style="line-height:0pt;"><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="100.00%" style="font-family:arial;"><div style="width:100.00%;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.7pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.7pt;"></div></TD>
<TD WIDTH="49.54pt" style="font-family:arial;"><div style="width:49.54pt;"></div></TD>
<TD WIDTH="10.0pt" style="font-family:arial;"><div style="width:10.0pt;"></div></TD>
<TD WIDTH="4.7pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.7pt;"></div></TD>
<TD WIDTH="50.62pt" style="font-family:arial;"><div style="width:50.62pt;"></div></TD>
<TD WIDTH="10.0pt" style="font-family:arial;"><div style="width:10.0pt;"></div></TD>
<TD WIDTH="4.7pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.7pt;"></div></TD>
<TD WIDTH="49.54pt" style="font-family:arial;"><div style="width:49.54pt;"></div></TD>
<TD WIDTH="0pt" style="font-family:arial;"><div style="width:0pt;"></div></TD>
<TD WIDTH="2.00pt" style="font-family:arial;"><div style="width:2.00pt;"></div></TD>
<TD WIDTH="10.0pt" style="font-family:arial;"><div style="width:10.0pt;"></div></TD>
<TD WIDTH="4.7pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.7pt;"></div></TD>
<TD WIDTH="45.64pt" style="font-family:arial;"><div style="width:45.64pt;"></div></TD>
<TD WIDTH="12pt" style="font-family:arial;"><div style="width:12pt;"></div></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


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




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


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 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>



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</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


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<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


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

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Successor</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2><B>


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


&nbsp;</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Predecessor </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B>


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




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


 </b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


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


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


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


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the year ended<BR>
December&nbsp;31,</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the<BR>
period<BR>
August&nbsp;15<BR>
through<BR>
December&nbsp;31,</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2><B>


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


&nbsp;</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the<BR>
period<BR>
January&nbsp;1<BR>
through<BR>
August&nbsp;14, </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B>


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




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


 </b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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



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


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


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


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


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

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2017</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2016</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2015</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2><B>


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


&nbsp;</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2015 </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


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




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


 </b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


 </B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


</B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


</B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2><B> </B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD COLSPAN=13 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>  (in thousands, except share and per share data)</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



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


</FONT> <FONT SIZE=2><B>Statement of Operations Data:</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net sales</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>550,771</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>437,963</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>193,133</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>339,907</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


 Income (loss) from continuing operations</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>14,212</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(108,869</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(28,625</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(101,970</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income (loss)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>7,983</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(235,843</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(33,551</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>



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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(120,649</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


 Basic income (loss) per common share(a):</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


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




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


 </font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


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


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


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


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


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


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


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income (loss) from continuing operations per share</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>0.05</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(0.36</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(0.09</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(0.74</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


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




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


 </font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


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


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


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


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


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


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


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


 Weighted average common shares outstanding</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>302,225,923</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>302,225,923</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>302,225,923</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>137,152,430</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-top:9pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance Sheet Data (at period end):</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



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


 Total assets</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>1,199,103</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>1,172,276</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>1,422,015</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other long-term obligations(b)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>68,907</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>82,148</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>94,318</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


 Total long-term debt</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>322,900</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>356,580</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>362,455</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-top:9pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Other Financial Data:</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


 Net cash provided by operating activities</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>36,573</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>22,815</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>23,115</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>28,323</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net cash (used in) provided by investing activities</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(2,199</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(10,471</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(17,484</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(39,918</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


 Net cash (used in) provided by financing activities</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(32,995</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(8,317</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(23,072</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>20,824 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


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




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


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(a)&nbsp;&nbsp;&nbsp;&nbsp;Successor
period per share data gives effect to the 3,022,259.23-for-1 stock split on our common stock effected on April&nbsp;12, 2018.  </FONT></P>


<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(b)&nbsp;&nbsp;&nbsp;Represents
pension and OPEB and related costs and miscellaneous other long-term obligations. </FONT></P>
 </DIV>
 <P style="font-family:arial;"><FONT SIZE=2><BR></FONT></P>
 <div style="display:none;*display:block;margin-top:-4pt;"></div>

 <DIV style="padding:0pt;position:relative;width:67%;margin-left:10%;">
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<DIV ALIGN="CENTER"><TABLE width="120%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR style="line-height:0pt;"><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="100.00%" style="font-family:arial;"><div style="width:100.00%;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="49.28pt" style="font-family:arial;"><div style="width:49.28pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="49.28pt" style="font-family:arial;"><div style="width:49.28pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="49.28pt" style="font-family:arial;"><div style="width:49.28pt;"></div></TD>
<TD WIDTH="0pt" style="font-family:arial;"><div style="width:0pt;"></div></TD>
<TD WIDTH="2.00pt" style="font-family:arial;"><div style="width:2.00pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="41.26pt" style="font-family:arial;"><div style="width:41.26pt;"></div></TD>
<TD WIDTH="12pt" style="font-family:arial;"><div style="width:12pt;"></div></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


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




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


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


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

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Successor</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2><B>


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


&nbsp;</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Predecessor </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B>


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




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


 </b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


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


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the year ended<BR>
December&nbsp;31,</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the<BR>
period<BR>
August&nbsp;15<BR>
through<BR>
December&nbsp;31,</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2><B>


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


&nbsp;</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the<BR>
period<BR>
January&nbsp;1<BR>
through<BR>
August&nbsp;14, </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B>


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




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


 </b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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



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


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


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


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


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


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


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


</B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-right:solid #000000 1.0pt;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;border-bottom:solid #000000 1.0pt;" -->

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



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


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


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2017</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2016</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2015</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2><B>


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


&nbsp;</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2015 </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


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




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


 </b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


</B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


</B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


 </B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2><B> </B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD COLSPAN=13 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>  (in thousands)</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


</FONT> <FONT SIZE=2><B>Other Financial Information</B></FONT><FONT SIZE=2>:</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>EBITDA from continuing operations(1)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>97,884</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(12,251</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>12,674</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(32,197</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


 Adjusted EBITDA from continuing operations(1)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>95,806</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(2,898</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>14,396</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>31,628 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


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




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


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>60</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=63,EFW="2235378",CP="GRAFTECH INTERNATIONAL LTD.",DN="1",CHK=735326,FOLIO='60',FILE='DISK103:[17ZDN4.17ZDN71304]DG71304A.;43',USER='RRICKEN',CD='19-APR-2018;09:31' -->
<A NAME="page_dg71304_1_61"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><BR></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
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<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="40pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="40pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


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




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


 </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


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

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=7 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><B>For the year ended<BR>
December&nbsp;31, </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B>


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




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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2><B>(in thousands, except price data)</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>2017</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>2016</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>2015 </B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


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




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


 </b></font>&#8203;


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

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


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


 Sales volume (MT)(2)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>172</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>163</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>145</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Weighted average realized price(3)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>2,945</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>2,459</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>3,344</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


 Production volume (MT)(4)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>166</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>151</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>137</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Production capacity (MT)(5)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>195</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>195</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>195</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 Production capacity excluding St.&nbsp;Marys during idle period (MT)(6)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>167</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>176</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>195</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Capacity utilization(7)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>85%</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>77%</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>70%</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 Capacity utilization excluding St.&nbsp;Marys during idle period(6)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>99%</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>85%</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>70% </FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


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


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


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


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


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


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


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


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


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


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

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 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(1)&nbsp;&nbsp;&nbsp;&nbsp;See
below for more information and a reconciliation of EBITDA and adjusted EBITDA to net income (loss), the most directly comparable financial measure calculated and presented in
accordance with&nbsp;GAAP.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(2)&nbsp;&nbsp;&nbsp;&nbsp;Sales
volume reflects the total volume of graphite electrodes sold for which revenue has been recognized during the period. See below for more information on our key operating
metrics.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(3)&nbsp;&nbsp;&nbsp;&nbsp;Weighted
average realized price reflects the total revenues from sales of graphite electrodes for the period divided by the graphite electrode sales volume for that&nbsp;period. See
below for more information on our key operating metrics.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(4)&nbsp;&nbsp;&nbsp;Production
volume reflects graphite electrodes produced during the period. See below for more information on our key operating metrics.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(5)&nbsp;&nbsp;&nbsp;&nbsp;Production
capacity reflects expected maximum production volume during the period under normal operating conditions, standard product mix and expected maintenance downtime. Actual
production may&nbsp;vary. See below for more information on our key operating metrics.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(6)&nbsp;&nbsp;&nbsp;The
St.&nbsp;Marys, Pennsylvania facility was temporarily idled effective the second quarter of 2016, except for the machining of semi-finished products sourced from
other&nbsp;plants.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(7)&nbsp;&nbsp;&nbsp;&nbsp;Capacity
utilization reflects production volume as a percentage of production capacity. See below for more information on our key operating metrics. </FONT></P>
 </DIV>

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Non-GAAP financial measures  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In addition to providing results that are determined in accordance with GAAP, we have provided certain financial measures that are not in
accordance with GAAP. EBITDA from continuing operations and adjusted EBITDA from continuing operations are non-GAAP financial measures. We define EBITDA from continuing operations, a non-GAAP
financial measure, as net income or loss plus interest expense, minus interest income, plus income taxes, discontinued operations and depreciation and amortization. We define adjusted EBITDA from
continuing operations as EBITDA from continuing operations plus any pension and OPEB plan expenses, impairments, rationalization-related charges, acquisition costs and costs related to the change in
control as well as proxy contests costs, non-cash gains or losses from foreign currency remeasurement of non-operating liabilities in our foreign subsidiaries where the functional currency is the U.S.
dollar and non-cash fixed asset write-offs. Adjusted EBITDA from continuing operations is the primary metric used by our management and our board of directors to establish budgets and operational
goals for managing our business and evaluating our performance. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
monitor adjusted EBITDA from continuing operations as a supplement to our GAAP measures, and believe it is useful to present to investors, because we believe that it facilitates evaluation of our
period-to-period operating performance by eliminating items that are not operational in nature, allowing comparison of our recurring core business operating results over multiple periods unaffected by
differences in capital structure, capital investment cycles and fixed asset base. In addition, we believe adjusted EBITDA from continuing operations and similar measures are widely used by investors,
securities analysts, ratings agencies, and other parties in evaluating companies in our industry as a measure of financial performance and debt-service capabilities. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>61</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>Our
use of adjusted EBITDA from continuing operations has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported
under GAAP. Some of these limitations are:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> adjusted EBITDA from continuing operations does not reflect changes in, or cash requirements for, our working capital needs; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> adjusted EBITDA from continuing operations does not reflect our cash expenditures for capital equipment or other contractual commitments,
including any capital expenditures for future capital expenditure requirements to augment or replace our capital assets; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> adjusted EBITDA from continuing operations does not reflect the interest expense or the cash requirements necessary to service interest or
principal payments on our indebtedness; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> adjusted EBITDA from continuing operations does not reflect tax payments that may represent a reduction in cash available to us; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> adjusted EBITDA from continuing operations does not reflect expenses relating to our pension and OPEB plans; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> adjusted EBITDA from continuing operations does not reflect impairment of long-lived assets and goodwill; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> adjusted EBITDA from continuing operations does not reflect the non-cash gains or losses from foreign currency remeasurement of non-operating
liabilities in our foreign subsidiaries where the functional currency is the U.S. dollar; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> adjusted EBITDA from continuing operations does not reflect rationalization-related charges, acquisition costs, costs related to the change in
control and proxy contests costs or the non-cash write-off of fixed assets; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> other companies, including companies in our industry, may calculate EBITDA from continuing operations and adjusted EBITDA from continuing
operations differently, which reduces its usefulness as a comparative measure. </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>In
evaluating EBITDA from continuing operations and adjusted EBITDA from continuing operations, you should be aware that in the future, we will incur expenses similar to the adjustments in this
presentation. Our presentations of EBITDA from continuing operations and adjusted EBITDA from continuing operations should not be construed as suggesting that our future results will be unaffected by
these expenses or any unusual or non-recurring items. When evaluating our performance, you should consider EBITDA from continuing operations and adjusted EBITDA from continuing operations alongside
other financial performance measures, including our net income (loss) and other GAAP measures. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>For
a reconciliation of these measures to the most directly comparable GAAP measures, see "Management's Discussion and Analysis of Financial Condition and Results of Operation&#151;Non-GAAP
Financial Measures." </FONT></P>

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Key Operating Metrics  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Key operating metrics consist of sales volume, weighted average realized price, production volume, production capacity and capacity
utilization. Sales volume reflects the total volume of graphite electrodes sold for which revenue has been recognized during the period. For a discussion of our revenue recognition </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>62</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>policy,
see "Management's Discussion and Analysis of Financial Condition and Results of Operations&#151;Critical Accounting Policies&#151;Revenue Recognition." Under our policy, volume
discounts and rebates are recorded as a reduction of revenue in conjunction with the sale of the graphite electrodes, and shipping and handling revenues relating to graphite electrodes sold are
included as an increase to revenue. Weighted average realized price reflects the total revenues from sales of graphite electrodes for the period divided by the graphite electrode sales volume for that
period. Production volume reflects graphite electrodes produced during the period. Production capacity reflects expected maximum production volume during the period under normal operating conditions,
standard product mix and expected maintenance downtime. Capacity utilization reflects production volume as a percentage of production capacity. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>63</FONT></P>

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Management's discussion and analysis of financial condition<BR>  and results of operations    <BR>  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I>The following discussion and analysis of our financial condition and results of operations should be read together
with our Consolidated Financial Statements and the accompanying notes and other financial information appearing elsewhere in this prospectus. Information in this section is intended to assist the
reader in obtaining an understanding of our Consolidated Financial Statements, the changes in certain key items in those financial statements from year-to-year, the primary factors that accounted for
those changes, any known trends or uncertainties that we are aware of that may have a
material effect on our future performance, as well as how certain accounting principles affect our Consolidated Financial Statements. This discussion and analysis contains forward-looking statements
that involve risks, uncertainties and assumptions. See "Special Note Regarding Forward-Looking Statements." Our actual results could differ materially from those forward-looking statements as a result
of many factors, including those discussed in "Risk Factors" and elsewhere in this prospectus.</I></FONT></P>

<P style="font-family:arial;;margin-left:12.0pt;text-indent:-12.0pt;"><FONT SIZE=3><B>


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Overview  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We are a leading manufacturer of high quality graphite electrode products essential to the production of EAF steel and other ferrous and
non-ferrous metals. We believe that we have the most competitive portfolio of low-cost graphite electrode manufacturing facilities in the industry, including three of the five highest capacity
facilities in the world (excluding China). We are the only large scale graphite electrode producer that is substantially vertically integrated into petroleum needle coke, the primary raw material for
graphite electrode manufacturing, which is currently in limited supply. Between 1984 and 2011, EAF steelmaking was the fastest-growing segment of the steel sector, with production increasing at an
average rate of 3.5% per year, based on WSA data. Historically, EAF steel production has grown faster than the overall steel market due to the greater resilience, more variable cost structure, lower
capital intensity and more environmentally friendly nature of EAF steelmaking. This trend was partially reversed between 2011 and 2015 due to global steel production overcapacity driven largely by
Chinese BOF steel production. Beginning in 2016, efforts by the Chinese government to restructure China's domestic steel industry have led to limits on Chinese BOF steel production and lower export
levels, and developed economies, which typically have much larger EAF steel industries, have instituted a number of trade policies in support of domestic steel producers. As a result, since 2016, the
EAF steel market has rebounded strongly and resumed its long-term growth trajectory. This revival in EAF steel production has resulted in increased demand for our graphite electrodes. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>At
the same time, two supply-side structural changes have contributed to recent record high prices of graphite electrodes. First, ongoing consolidation and rationalization of graphite electrode
production capacity have limited the ability of graphite electrode producers to meet demand. We estimate that approximately 20% of graphite electrode industry production capacity (excluding China) has
been closed or repurposed since the beginning of 2014, and we believe the majority of these closures represent permanent reductions. Second, demand for petroleum needle coke has outpaced supply due to
increasing demand for petroleum needle coke for lithium-ion batteries used in electric vehicles. As a result, graphite electrode prices have recently reached record high prices. We have implemented a
new commercial strategy to sell 60% to 65% of our production capacity through three- to five-year take-or-pay contracts. These contracts define volumes and prices, along with price-escalation
mechanisms for inflation, and include significant termination payments (typically, 50% to 70% of remaining contracted revenue) and, in certain cases, parent guarantees and collateral arrangements to
manage our customer credit risk. We </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>64</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>expect
a high degree of stability in our future operating results due to these contracts. As of March&nbsp;1, 2018, we have entered into three-to-five-year take-or-pay contracts to sell
approximately 132,406, 138,446, 134,831, 117,600 and 112,883&nbsp;MT in 2018, 2019, 2020, 2021 and 2022, respectively. See "Business&#151;Our company&#151;We have reoriented our
commercial strategy" and "Business&#151;Contracts and customers." </FONT></P>


<P style="font-family:arial;;margin-left:12.0pt;text-indent:-12.0pt;"><FONT SIZE=3><B>


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GrafTech's transformation  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Since 2012, we have executed a three-part transformation plan to improve our competitive position and allow us to better serve our customers.
Since 2012, we have achieved annual fixed manufacturing cost improvements of $80&nbsp;million, annual capital expenditure requirement reductions of $45&nbsp;million and annual overhead expense
reductions of approximately $65&nbsp;million, all while also improving the productivity of our plant network. We have strategically shifted production from our lowest to our highest production
capacity facilities to increase fixed cost absorption. This, coupled with a recovery in customer demand, resulted in a steady increase in our capacity utilization, reaching 99% in 2017 (excluding the
temporarily idled St.&nbsp;Marys facility). We have also reduced our annual overhead expenses by approximately $65&nbsp;million since 2012 by simplifying our corporate structure from a
conglomerate model to a centralized business focused exclusively on the production of graphite electrodes and petroleum needle coke, and we have streamlined and combined our workforce and various
administrative functions for efficiency, and eliminated R&amp;D functions unrelated to graphite electrodes. In 2018, we expect to have maintenance capital expenditures of approximately $35&nbsp;million.
In addition to our fixed cost reductions, we have been able to achieve significant productivity improvements and variable cost reductions across our plants since 2014. Finally, we are currently
implementing an operational improvement and debottlenecking initiative, which we expect will increase our currently operating production capacity by approximately 21%, or 35,000 MT, by the end of
2018, allowing us to achieve further improvements in our cost structure. As a result of our prior operational improvement activities, we are able to achieve this large capacity increase with specific,
highly targeted capital investments. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
light of improved market conditions, the long lead time required to produce our products, our position as one of the market's largest producers and our ability, through our substantial vertical
integration with Seadrift, to provide customers with a reliable long-term supply of graphite electrodes despite the market shortage of petroleum needle coke, we have implemented a new commercial
strategy to sell 60% to 65% of our production capacity through three- to five-year take-or-pay contracts. For more information on our new commercial strategy, see "Business&#151;Contracts and
Customers." Additionally, the divestiture of our non-core legacy Engineered Solutions businesses in 2016 and 2017 has allowed our management team to focus on our core competency of graphite electrode
production and generated approximately
$60&nbsp;million in cash proceeds and release of working capital. By focusing our management's attention and R&amp;D spending exclusively on the graphite electrode business, we have been able to
meaningfully improve the quality of our graphite electrodes, repositioning ourselves as an industry quality leader and improving our relationships with strategic customers. </FONT></P>

<P style="font-family:arial;;margin-left:12.0pt;text-indent:-12.0pt;"><FONT SIZE=3><B>


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Global economic conditions and outlook  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The graphite electrode industry has historically followed the growth of the EAF steel industry and, to a lesser extent, the steel industry as
a whole, which has been highly cyclical and affected significantly by general economic conditions. Historically, EAF steel production has grown faster than the overall steel market due to the greater
resilience, more variable cost structure, lower capital intensity and more environmentally friendly nature of EAF steelmaking. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>65</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>This
growth trend has resumed after a decline in EAF steelmaking between 2011 and 2015, as Chinese steel production, which is predominantly BOF-based, grew significantly, taking market share from EAF
steel producers. Throughout 2015 and 2016, our business faced significant headwinds in the major industries that we served, including slow economic growth and stagnation in steel production
year-over-year. These factors exerted continued downward pressure on prices for our products, which negatively impacted our recent historical profitability. Additionally, in 2015, steel producers
utilized BOFs over EAFs at rates higher than we had historically seen, pressuring the prices of and demand for graphite electrodes, as steel consumers in the United States and Europe, our largest
markets, increased imports of low-cost steel products, primarily from China. Additionally, prices for iron ore, the key raw material for BOFs, declined faster than scrap steel, the key raw material in
EAF production. While a decline in the price of oil benefited our cost structure overall, it contributed to lower prices for petroleum needle coke and, indirectly, graphite electrodes. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>Graphite
electrodes saw further pricing pressure in the first half of 2016, but EAF production started to recover during the second half of 2016, which indicated a potential bottoming out in prices.
Costs of the key raw materials used to run BOFs increased, and the price of scrap steel decreased, re-balancing the economics of EAF mills relative to BOFs. These developments resulted in an increase
in our sales volume over the prior year; however, the decline in prices more than offset the volume increase. Because customers historically negotiated annual agreements in the third and fourth
quarters of each calendar year
for graphite electrodes to be delivered the following year, increases in price often lag behind increases in volume. Nonetheless, a decline in the price of oil and our rationalization initiatives
significantly improved our cost structure and positioned us to benefit from a potential recovery. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
outlook for general economic and industry-specific growth brightened in 2017. In its January 2018 report, the IMF increased its October 2017 estimated global growth rate by 0.1% to 3.7% for 2017
and revised upwards both its 2018 and 2019 estimates by 0.2% to 3.9%, respectively. The WSA estimated global steel production outside of China would grow by 2.6% over 2016 levels to 856&nbsp;million
MT in 2017 and by 3.0% to 882&nbsp;million MT in 2018. The WSA noted that both advanced and developing economies exhibited stronger economic momentum in 2017. Confidence and investor sentiments are
improving in a large part of the world despite some financial market volatility and growing concerns about stock market overvaluation. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>Other
recent macroeconomic and industry trends have created significant increases in demand for graphite electrodes. Beginning in 2016, efforts by the Chinese government to eliminate excess
steelmaking production capacity and improve environmental and health conditions have led to limits on Chinese BOF steel production, including the closure of over 200&nbsp;million MT of its steel
production capacity, based on data from S&amp;P&nbsp;Global&nbsp;Platts and the Ministry of Commerce of the People's Republic of China. In 2017, Chinese steel exports fell by more than 30% from 2016,
including 17 consecutive months of year-over-year declines, according to the National Bureau of Statistics of China. Reflecting the reduction in steel production capacity, as a result, the historical
growth trend of EAF steelmaking relative to the overall steel market resumed and has led to increased demand for our graphite electrodes. At the same time, ongoing consolidation and rationalization of
graphite electrode production capacity has limited the ability of graphite electrode producers to meet this demand. Prior to this improvement in demand, the electrode industry experienced an extended,
five-year downturn, resulting in a reduction of production capacity outside of China of approximately 200,000 MT (or approximately 20%) since the beginning of 2014. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Petroleum
needle coke, which is the primary raw material for graphite electrode manufacturing, and coal tar pitch, which is a raw material used in our manufacturing processes, are currently in limited
supply. Demand for petroleum needle coke has outpaced supply due to increasing demand for petroleum needle </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>66</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>coke
in the production of lithium-ion batteries used in electric vehicles. Increased demand has led to pricing increases of four to six times for petroleum needle coke in the current market compared
to one year ago. While we believe that our substantial vertical integration into petroleum needle coke through our ownership of Seadrift provides a significant cost advantage relative to our
competitors in periods of tight petroleum needle coke supply, such as the current market environment, we currently purchase approximately 25% of our petroleum needle coke requirements from external
sources. As a result, we
expect to incur increased costs purchasing that portion of our petroleum needle coke supply. Additionally, supply of coal tar pitch, a byproduct of coking metallurgical coal used in BOF steelmaking,
has fallen as a result of the reduced demand for metallurgical coke for BOF steel furnaces. Consequently, prices for coal tar pitch have increased starting in the second half of 2017. The higher raw
material purchase costs for both petroleum needle coke and coal tar pitch are expected to contribute to an increase in our costs of goods sold in future quarters of&nbsp;2018. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>These
factors have led to supply constraints for our products. There are indications that this demand and supply imbalance could persist for some time. As a result, graphite electrode prices have
reached record high prices. </FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Tax Cuts and Jobs Act  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>On December&nbsp;22, 2017, the U.S.&nbsp;government enacted the Tax&nbsp;Act, which significantly revises the U.S.&nbsp;corporate income tax system.
These changes include a federal statutory rate reduction from 35% to 21%, the elimination or reduction of certain domestic deductions and credits and limitations on the deductibility of interest
expense and executive compensation. The Tax&nbsp;Act also transitions international taxation from a worldwide system to a modified territorial system and includes base erosion prevention measures
which have the effect of subjecting certain earnings of our foreign subsidiaries to U.S.&nbsp;taxation as global intangible low-taxed income (or&nbsp;GILTI). In general, these changes will be
effective beginning in 2018. The Tax&nbsp;Act also includes a one-time mandatory deemed repatriation or transition tax on the accumulated previously untaxed foreign earnings of our foreign
subsidiaries. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>As
a result of the Tax&nbsp;Act, we recorded a charge in 2017 totaling $54.1&nbsp;million, reflecting our current estimate of the impact of the Tax&nbsp;Act. This charge included a
$52.2&nbsp;million charge related to the revaluation of our deferred tax assets and liabilities due to the reduction of the U.S.&nbsp;corporate tax rate and $39.6&nbsp;million of transition tax,
partially offset by $37.7&nbsp;million of additional foreign tax credit related to the transition tax. However, this $54.1&nbsp;million charge was offset by a release of valuation allowance
reserve on the deferred tax assets. Our accounting for the impacts of the Tax&nbsp;Act is provisional and amounts may be revised in future periods as described in SEC Staff Accounting Bulletin
No.&nbsp;118, which was issued on December&nbsp;22, 2017 to provide guidance on the accounting for the effects of the Tax&nbsp;Act. </FONT></P>

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Preliminary estimated financial results for the first quarter of 2018  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Set forth below are selected preliminary estimated unaudited financial results from continuing operations for the two months ended
February&nbsp;28, 2018 and the three months ended March&nbsp;31, 2018. These financial results are unaudited and should be considered preliminary and subject to change. We have provided ranges,
rather than specific amounts, for the preliminary results described below as our final results remain subject to the completion of our closing procedures, final adjustments, developments that may
arise between now and the time the financial results are finalized, and management's and the audit committee's final reviews. Accordingly, you should not place undue reliance on this preliminary data,
which may differ materially from our final results. Please see "Risk Factors," "Special Note Regarding Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Condition and
Results of Operations" </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>67</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>for
a discussion of certain factors that could result in differences between the preliminary financial data reported below and the final results. These preliminary estimates should not be viewed as a
substitute for our full unaudited condensed consolidated financial statements prepared in accordance with U.S.&nbsp;GAAP. In addition, they are not necessarily indicative of the results to be
achieved in any future period. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>These
estimates have been prepared by and are the responsibility of management. Our independent registered public accounting firm has not audited, compiled, performed any procedures on or reviewed the
preliminary financial data, and accordingly does not express an opinion or any other form of assurance with respect to the preliminary financial data. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>For
the two months ended February&nbsp;28, 2018, management estimates:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Sales volume in the range of approximately 27,800 to 28,600&nbsp;MT </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Weighted average realized price in the range of approximately
$9,925 to $9,975&nbsp;per MT </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Net sales in the range of approximately $285 to $294&nbsp;million </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Cost of sales in the
range of approximately $92.5 to $97&nbsp;million </FONT><FONT SIZE=2>
 </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Selling and administrative expenses in the range of approximately $10 to $11&nbsp;million including approximately $1.9 to $2.4&nbsp;million
of expenses related to this offering and $0.3 to $0.5&nbsp;million of pension and OPEB plan expenses </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Research and development expenses in the range of approximately $0.2 to
$0.4&nbsp;million </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Depreciation and amortization in the range of approximately $10.5 to $11.5&nbsp;million (included in cost of sales, selling and
administrative expenses, and research and development expenses above) </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Other expense in the range of approximately $1 to $1.5&nbsp;million including a non-cash loss on foreign currency
remeasurement of $1 to
$1.5&nbsp;million </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>For
the three months ended March 31, 2018, management estimates:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Sales volume in the range of approximately 43,000 to 44,000&nbsp;MT </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Weighted average realized price in the range of approximately
$10,000 to $10,150&nbsp;per&nbsp;MT </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Net sales in the range of approximately $440 to $460&nbsp;million </FONT><FONT SIZE=2>
 </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Cost of sales in the range of approximately $140 to $155&nbsp;million </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Selling and administrative expenses in the range
 of approximately $16 to $17&nbsp;million including approximately $2.75 to
$3.25&nbsp;million of expenses related to this offering and $0.4 to $0.6&nbsp;million of pension and OPEB plan&nbsp;expenses </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Research and development expenses in the range of
approximately $0.3 to $0.7&nbsp;million </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Depreciation and amortization in the range of approximately $15.5 to $16.5&nbsp;million (included in cost of sales, selling and
administrative expenses, and research and development expenses above) </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Other expense in the range of approximately $1.5 to $2.5&nbsp;million including a non-cash loss on foreign currency
remeasurement of $1.5 to
$2.5&nbsp;million </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>Weighted
average realized price for the two months ended February&nbsp;28, 2018 benefited from a small portion of our electrode sales being sold on a spot basis. Industry spot prices are at record
levels of as high as $15,000 to $30,000 per MT. However, as a result of our recent three- to five-year contracting initiative and other sales commitments, approximately 96% of our 2018 production
capacity is now
contracted or committed by purchase orders and will not be available for spot sales. The weighted average selling price of our currently contracted and committed orders for the remaining quarters of
2018 is expected to be approximately $9,650&nbsp;per&nbsp;MT. This represents a combination of our three-to five-year take-or-pay contracts as well as other committed business for 2018, which was
mostly negotiated in 2017 at lower prices. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>68</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>We
have made the strategic decision to service our long-term strategic customers through our contracted and committed purchase order volume in the second and third quarters of 2018, and as a result,
expect to have only minimal production volume available for sales into the spot market during these quarters. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
expect the results of our operational improvement and debottlenecking initiative to increase our production capacity by approximately 21% beginning in the fourth quarter of 2018. We expect the
majority of the incremental volume from our capacity expansion to be available for sale to customers on a spot basis going forward. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
expect that the quarter ended March&nbsp;31, 2018 will benefit from lower cost of goods sold than future quarters of 2018 due to higher input raw material purchase costs in 2018, which will be
reflected in cost of goods sold in future quarters. </FONT></P>

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Components of results of operations  </B></FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Net sales  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Net sales reflect sales of our products, including graphite electrodes and associated by-products. Several factors affect net sales in any period, including
general economic conditions, competitive conditions, scheduled plant shutdowns by customers, national vacation practices, changes in customer production schedules in response to seasonal changes in
energy costs, weather conditions, strikes and work stoppages at customer plants and changes in customer order patterns including those in response to the announcement of price increases or price
adjustments. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Revenue
from sales of our commercial products is recognized when persuasive evidence of an arrangement exists, delivery has occurred, title has passed, the amount is determinable and collection is
reasonably assured. Sales are recognized when both title and the risks and rewards of ownership are transferred to the customer or services have been rendered and fees have been earned in accordance
with the contract. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>Volume
discounts, rebates, and returns are recorded as a reduction of revenue in conjunction with the sale of the related products. Returns are highly infrequent as graphite electrodes are consumed
upon their use in the steel production process. Changes to estimates are recorded when they become probable. </FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Cost of sales  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Cost of sales includes the costs associated with products invoiced during the period as well as non-inventoried manufacturing overhead costs and outbound
transportation costs. Cost of sales includes all costs incurred at our production facilities to make products saleable, such as raw materials, energy costs, direct labor and indirect labor and
facilities costs, including purchasing and receiving costs, plant management, inspection costs, product engineering and internal transfer costs. In addition, all depreciation associated with assets
used to produce products and make them saleable is included in cost of sales. Direct labor costs consist of salaries, benefits and other personnel-related costs for employees engaged in the
manufacturing of our products. </FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Inventory valuation  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Inventories are stated at the lower of cost or market. Cost is principally determined using the "first-in first-out" (or FIFO) and average cost, which
approximates FIFO, methods. Elements of cost in inventory include raw materials, energy costs, direct labor, manufacturing overhead and depreciation of the manufacturing fixed assets. We allocate
fixed production overheads to the costs of conversion based on normal capacity of the production facilities. We recognize abnormal amounts of idle facility expense, freight, handling costs, and wasted
materials (spoilage) as current period charges. Market, or net realizable </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>69</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>value,
is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. </FONT></P>

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Research and development  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We conduct our research and development both independently and in conjunction with our strategic suppliers, customers and others. Expenditures relating to the
development of new products and processes, including significant improvements to existing products, are expensed as incurred. </FONT></P>


<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Selling and administrative expenses  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Selling and administrative expenses include salaries, benefits and other personnel related costs for employees engaged in sales and marketing, customer
technical services, engineering, finance, information technology, human resources and executive management. Other costs include outside
legal and accounting fees, risk management (insurance), global operational excellence, global supply chain, in-house legal, share-based compensation and certain other administrative and global
resources costs. Our "mark-to-market adjustment" refers to our accounting policy regarding pension and OPEB plans, where we immediately recognize the change in the fair value of plan assets and net
actuarial gains and losses annually in the fourth quarter of each year. </FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Other expense (income)  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Other expense (income) consists primarily of foreign currency impacts on non-operating assets and liabilities and miscellaneous income and expense. </FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Interest expense  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Interest expense consists primarily of interest expense on our Old Revolving Credit Facility and the Senior Notes, accretion of the fair value adjustment on
the Senior Notes and amortization of debt issuance costs. </FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Income (loss) from discontinued operations  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>As of June&nbsp;30, 2016, the Engineered Solutions segment qualified for reporting as discontinued operations, and the disposition of the segment was
substantially complete by the end of the third quarter of 2017. All results are reported as gain or loss from discontinued operations, net of tax. </FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Business combination accounting  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>As a result of business combination accounting resulting from our acquisition by Brookfield (see Note&nbsp;2, Preferred Share Issuance and Merger, of the
Notes to the Consolidated Financial Statements included elsewhere in this prospectus), our financial statements are separated into two distinct periods, the period before the consummation of our
acquisition by Brookfield (labeled "Predecessor") and the period after that date (labeled "Successor"), to indicate the application of the different basis of accounting between the periods presented.
There were no operational activities that changed as a result of our acquisition by Brookfield. Our consolidated statements of operations subsequent to our acquisition by Brookfield include
amortization expense relating to the fair value adjustment of intangibles and depreciation expense based on the fair value of our property, plant and equipment that had previously been carried at
historical cost less accumulated depreciation. </FONT></P>

<P style="font-family:arial;;margin-left:12.0pt;text-indent:-12.0pt;"><FONT SIZE=3><B>


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Effects of changes in currency exchange rates  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>When the currencies of non-U.S. countries in which we have a manufacturing facility decline (or increase) in value relative to the U.S.
dollar, this has the effect of reducing (or increasing) the U.S. dollar equivalent </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>70</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>cost
of sales and other expenses with respect to those facilities. In certain countries in which we have manufacturing facilities, and in certain export markets, we sell in currencies other than the
U.S. dollar. Accordingly, when these currencies increase (or decline) in value relative to the U.S. dollar, this has the effect of increasing (or reducing) net sales. The result of these effects is to
increase (or decrease) operating profit and net income. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Some
of the non-U.S. countries in which we have a manufacturing facility have been subject to significant economic and political changes, which have significantly impacted currency exchange rates. We
cannot predict changes in currency exchange rates in the future or whether those changes will have net positive or negative impacts on our net sales, cost of sales or net income. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>The
impact of these changes in the average exchange rates of other currencies against the U.S. dollar on our net sales was an increase of $4.5&nbsp;million, $0.4&nbsp;million and a decrease of
$37.8&nbsp;million for the years ended December&nbsp;31, 2017, 2016 and 2015, respectively. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
impact of these changes in the average exchange rates of other currencies against the U.S. dollar on our cost of sales was an increase of $4.2&nbsp;million and decreases of $10.1&nbsp;million
and $37.5&nbsp;million for the nine months ended September&nbsp;30, 2017 and the years ended December&nbsp;31, 2017, 2016 and 2015, respectively. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>As
part of our cash management, we also have intercompany loans between our subsidiaries. These loans are deemed to be temporary and, as a result, remeasurement gains and losses on these loans are
recorded as currency gains or losses in other income (expense), net, on the Consolidated Statements of Operations. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
have in the past and may in the future use various financial instruments to manage certain exposures to risks caused by currency exchange rate changes, as described under "Quantitative and
Qualitative Disclosures about Market Risks." </FONT></P>


<P style="font-family:arial;;margin-left:12.0pt;text-indent:-12.0pt;"><FONT SIZE=3><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:12.0pt;text-indent:-12.0pt;" -->


Key metrics used by management to measure performance  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In addition to measures of financial performance presented in our Consolidated Financial Statements in accordance with GAAP, we use certain
other financial measures and operating metrics to analyze the performance of our company. The "non-GAAP" financial measures consist of EBITDA from continuing operations and adjusted EBITDA from
continuing operations, which help us evaluate growth trends, establish budgets, assess operational efficiencies and evaluate our overall financial performance. The key operating metrics consist of
sales volume, weighted average realized price, production volume, production capacity and capacity utilization. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;;margin-left:12.0pt;text-indent:-12.0pt;"><FONT SIZE=3><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:12.0pt;text-indent:-12.0pt;" -->


<U>Key financial measures</U>  </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-4pt;"></div>

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<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="34.54pt" style="font-family:arial;"><div style="width:34.54pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
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<TD WIDTH="49.28pt" style="font-family:arial;"><div style="width:49.28pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="49.28pt" style="font-family:arial;"><div style="width:49.28pt;"></div></TD>
<TD WIDTH="0pt" style="font-family:arial;"><div style="width:0pt;"></div></TD>
<TD WIDTH="2.00pt" style="font-family:arial;"><div style="width:2.00pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="41.26pt" style="font-family:arial;"><div style="width:41.26pt;"></div></TD>
<TD WIDTH="12pt" style="font-family:arial;"><div style="width:12pt;"></div></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


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




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


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


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

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=8 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Successor</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2><B>


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


&nbsp;</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Predecessor </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B>


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




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


 </b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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



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


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


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


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


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


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the year ended<BR>
December&nbsp;31,</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the<BR>
period<BR>
August&nbsp;15<BR>
through<BR>
December&nbsp;31,</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2><B>


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


&nbsp;</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the<BR>
period<BR>
January&nbsp;1<BR>
through<BR>
August&nbsp;14, </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B>


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




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


 </b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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



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


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


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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


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

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>  (in&nbsp;thousands)</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2017</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2016</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2015</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2><B>


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


&nbsp;</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2015 </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


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




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


 </b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


 </B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


</B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


</B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

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


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


 Net sales</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>550,771</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>437,963</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>193,133</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>339,907</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income (loss)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>7,983</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(235,843</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(33,551</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(120,649</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


 EBITDA from continuing operations(1)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>97,884</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(12,251</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>12,674</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(32,197</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjusted EBITDA from continuing operations(1)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>95,806</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(2,898</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>14,396</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>31,628 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


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




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


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>71</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=74,EFW="2235378",CP="GRAFTECH INTERNATIONAL LTD.",DN="1",CHK=304516,FOLIO='71',FILE='DISK103:[17ZDN4.17ZDN71304]DI71304A.;110',USER='RRICKEN',CD='19-APR-2018;09:31' -->
<A NAME="page_di71304_1_72"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;;margin-left:12.0pt;text-indent:-12.0pt;"><FONT SIZE=3><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:12.0pt;text-indent:-12.0pt;" -->


<U>Key operating metrics</U>  </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="40pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="40pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="40pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


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




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


 </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


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

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=7 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><B>For the year ended<BR>
December&nbsp;31, </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B>


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




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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2><B>(in thousands, except price data)</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>2017</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>2016</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>2015 </B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


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




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


 </b></font>&#8203;


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

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


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


 Sales volume (MT)(2)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>172</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>163</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>145</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Weighted average realized price(3)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>2,945</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>2,459</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>3,344</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


 Production volume (MT)(4)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>166</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>151</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>137</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Production capacity (MT)(5)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>195</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>195</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>195</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


 Production capacity excluding St.&nbsp;Marys during idle period (MT)(6)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>167</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>176</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>195</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Capacity utilization(7)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>85%</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>77%</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>70%</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


 Capacity utilization excluding St.&nbsp;Marys during idle period(6)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>99%</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>85%</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>70% </FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


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





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


 </font>&#8203;


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(1)&nbsp;&nbsp;&nbsp;&nbsp;See
below for more information and a reconciliation of EBITDA and adjusted EBITDA to net income (loss), the most directly comparable financial measure calculated and presented in
accordance with&nbsp;GAAP.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(2)&nbsp;&nbsp;&nbsp;&nbsp;Sales
volume reflects the total volume of graphite electrodes sold for which revenue has been recognized during the period. See below for more information on our key operating
metrics.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(3)&nbsp;&nbsp;&nbsp;&nbsp;Weighted
average realized price reflects the total revenues from sales of graphite electrodes for the period divided by the graphite electrode sales volume for that&nbsp;period. See
below for more information on our key operating metrics.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(4)&nbsp;&nbsp;&nbsp;Production
volume reflects graphite electrodes produced during the period. See below for more information on our key operating metrics.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(5)&nbsp;&nbsp;&nbsp;&nbsp;Production
capacity reflects expected maximum production volume during the period under normal operating conditions, standard product mix and expected maintenance downtime. Actual
production may&nbsp;vary. See below for more information on our key operating metrics.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(6)&nbsp;&nbsp;&nbsp;The
St.&nbsp;Marys, Pennsylvania facility was temporarily idled effective the second quarter of 2016, except for the machining of semi-finished products sourced from
other&nbsp;plants.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(7)&nbsp;&nbsp;&nbsp;&nbsp;Capacity
utilization reflects production volume as a percentage of production capacity. See below for more information on our key operating metrics. </FONT></P>
 </DIV>

<P style="font-family:arial;;margin-left:12.0pt;text-indent:-12.0pt;"><FONT SIZE=3><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:12.0pt;text-indent:-12.0pt;" -->


Non-GAAP financial measures  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In addition to providing results that are determined in accordance with GAAP, we have provided certain financial measures that are not in
accordance with GAAP. EBITDA from continuing operations and adjusted EBITDA from continuing operations are non-GAAP financial measures. We define EBITDA from continuing operations, a non-GAAP
financial measure, as net income or loss plus interest expense, minus interest income, plus income taxes, discontinued operations and depreciation and amortization from continuing operations. We
define adjusted EBITDA from continuing operations as EBITDA from continuing operations plus any pension and OPEB plan expenses, impairments, rationalization-related charges, acquisition costs and
costs related to the change in control as well as proxy contests costs, non-cash gains or losses from foreign currency remeasurement of non-operating liabilities in our foreign subsidiaries where the
functional currency is the U.S. dollar and non-cash fixed asset write-offs. Adjusted EBITDA from continuing operations is the primary metric used by our management and our board of directors to
establish budgets and operational goals for managing our business and evaluating our performance. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
monitor adjusted EBITDA from continuing operations as a supplement to our GAAP measures, and believe it is useful to present to investors, because we believe that it facilitates evaluation of our
period-to-period operating performance by eliminating items that are not operational in nature, allowing comparison of our recurring core business operating results over multiple periods unaffected by
differences in capital structure, capital investment cycles and fixed asset base. In addition, we believe adjusted EBITDA from continuing operations and similar measures are widely used by investors,
securities analysts, ratings agencies, and other parties in evaluating companies in our industry as a measure of financial performance and debt-service capabilities. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>72</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<A NAME="page_di71304_1_73"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>Our
use of adjusted EBITDA from continuing operations has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported
under GAAP. Some of these limitations are:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> adjusted EBITDA from continuing operations does not reflect changes in, or cash requirements for, our working capital needs; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> adjusted EBITDA from continuing operations does not reflect our cash expenditures for capital equipment or other contractual commitments,
including any capital expenditures for future capital expenditure requirements to augment or replace our capital assets; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> adjusted EBITDA from continuing operations does not reflect the interest expense or the cash requirements necessary to service interest or
principal payments on our indebtedness; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> adjusted EBITDA from continuing operations does not reflect tax payments that may represent a reduction in cash available to us; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> adjusted EBITDA from continuing operations does not reflect expenses relating to our pension and OPEB plans; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> adjusted EBITDA from continuing operations does not reflect impairment of long-lived assets and goodwill; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> adjusted EBITDA from continuing operations does not reflect the non-cash gains or losses from foreign currency remeasurement of non-operating
liabilities in our foreign subsidiaries where the functional currency is the U.S. dollar; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> adjusted EBITDA from continuing operations does not reflect rationalization-related charges, acquisition costs, costs related to the change in
control and proxy contests costs or the non-cash write-off of fixed assets; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> other companies, including companies in our industry, may calculate EBITDA from continuing operations and adjusted EBITDA from continuing
operations differently, which reduces its usefulness as a comparative measure. </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>In
evaluating EBITDA from continuing operations and adjusted EBITDA from continuing operations, you should be aware that in the future, we will incur expenses similar to the adjustments in this
presentation. Our presentations of EBITDA from continuing operations and adjusted EBITDA from continuing operations should not be construed as suggesting that our future results will be unaffected by
these expenses or any unusual or non-recurring items. When evaluating our performance, you should consider EBITDA from continuing operations and adjusted EBITDA from continuing operations alongside
other financial performance measures, including our net income (loss) and other GAAP measures. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>73</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<A NAME="page_di71304_1_74"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
following table reconciles our non-GAAP key financial measures to the most directly comparable GAAP measures: </FONT></P>
 <div style="display:none;*display:block;margin-top:-4pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
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<TD WIDTH="100.00%" style="font-family:arial;"><div style="width:100.00%;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="29.16pt" style="font-family:arial;"><div style="width:29.16pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="49.28pt" style="font-family:arial;"><div style="width:49.28pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="46.68pt" style="font-family:arial;"><div style="width:46.68pt;"></div></TD>
<TD WIDTH="0pt" style="font-family:arial;"><div style="width:0pt;"></div></TD>
<TD WIDTH="2.00pt" style="font-family:arial;"><div style="width:2.00pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="41.26pt" style="font-family:arial;"><div style="width:41.26pt;"></div></TD>
<TD WIDTH="12pt" style="font-family:arial;"><div style="width:12pt;"></div></TD>
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<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


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




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</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


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</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


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<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


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</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


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

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=8 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Successor</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2><B>


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&nbsp;</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Predecessor </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B>


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




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


 </b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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



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


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


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


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


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


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the year ended<BR>
December&nbsp;31,</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the<BR>
period<BR>
August&nbsp;15<BR>
through<BR>
December&nbsp;31,</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2><B>


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


&nbsp;</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the<BR>
period<BR>
January&nbsp;1<BR>
through<BR>
August&nbsp;14, </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B>


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




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


 </b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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



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


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


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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


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

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2017</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2016</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2015</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2><B>


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


&nbsp;</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2015 </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


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




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


 </b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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



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


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


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


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


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


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


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


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


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2><B> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=13 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>  (in thousands)</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


</FONT> <FONT SIZE=2><B>Net income (loss)</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>7,983</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(235,843</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(33,551</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(120,649</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Add:</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


 Discontinued operations</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>6,229</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>126,974</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>4,926</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>18,679</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Depreciation and amortization</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>64,025</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>77,614</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>24,424</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>37,473</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


 Interest expense</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>30,823</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>26,914</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>9,999</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>26,211</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest income</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(395</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(358</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(6</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(363</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


 Income taxes</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(10,781</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(7,552</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>6,882</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>6,452 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


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




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


 </font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


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


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


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


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


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


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


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>EBITDA from continuing operations</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>97,884</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(12,251</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>12,674</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(32,197</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


 Adjustments:</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pension and OPEB plan (gain) expenses(1)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(1,611</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(626</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2,397</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2,973</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


 Impairments(2)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2,843</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>35,381</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Rationalization-related (gains)/charges(3)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(3,970</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2,366</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>387</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>3,049</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



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


 Acquisition and proxy contests costs(4)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>886</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>8,036</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>961</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>22,618</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-cash loss (gain) on foreign currency remeasurement(5)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>1,731</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(5,465</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(2,023</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(196</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-cash fixed asset write-off(6)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>886</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2,199</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151; </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


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




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


 </font>&#8203;</TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


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


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


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


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


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



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


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

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



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


</FONT> <FONT SIZE=2><B>Adjusted EBITDA from continuing operations</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>95,806</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(2,898</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>14,396</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>



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


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>31,628 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


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




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


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(1)&nbsp;&nbsp;&nbsp;&nbsp;Service
and interest cost of our OPEB plans. Also includes a mark-to-market loss (gain) for plan assets as of December of each year. See "Management's Discussion and Analysis of
Financial Condition and Results of Operations&#151;Components of Results of Operations&#151;Selling and Administrative Expenses" for more information.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(2)&nbsp;&nbsp;&nbsp;&nbsp;Goodwill
impairment in the first quarter of 2015 for the needle coke reporting unit.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(3)&nbsp;&nbsp;&nbsp;&nbsp;Costs
associated with rationalizations in our graphite electrode manufacturing operations and in the corporate structure. They include severance charges, contract termination charges,
write-off of equipment and (gain)/loss on sale of manufacturing sites.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(4)&nbsp;&nbsp;&nbsp;Legal
costs associated with the proxy contests in early 2015; transaction costs associated with the merger transaction with Brookfield in August 2015, resulting in change in control
compensation expenses, including the acceleration of stock-based compensation in the period January&nbsp;1 through August&nbsp;14, 2015.  </FONT></P>


<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(5)&nbsp;&nbsp;&nbsp;&nbsp;Non-cash
(gain) loss from foreign currency remeasurement of non-operating liabilities of our non-U.S. subsidiaries where the functional currency is the U.S. dollar. </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(6)&nbsp;&nbsp;&nbsp;Non-cash
fixed asset write-off recorded for obsolete manufacturing equipment in the fourth quarter of 2016 and the third quarter of 2017. </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>74</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=77,EFW="2235378",CP="GRAFTECH INTERNATIONAL LTD.",DN="1",CHK=230876,FOLIO='74',FILE='DISK103:[17ZDN4.17ZDN71304]DI71304A.;110',USER='RRICKEN',CD='19-APR-2018;09:31' -->
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<P style="font-family:arial;"><FONT SIZE=2><A
NAME="page_dk71304_1_75"> </A>

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</FONT> <FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:arial;;margin-left:12.0pt;text-indent:-12.0pt;"><FONT SIZE=3><B>


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Key Operating Metrics  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Key operating metrics consist of sales volume, weighted average realized price, production volume, production capacity and capacity
utilization. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Sales
volume reflects the total volume of graphite electrodes sold for which revenue has been recognized during the period. For a discussion of our revenue recognition policy, see "Management's
Discussion and Analysis of Financial Condition and Results of Operations&#151;Critical Accounting Policies&#151;Revenue Recognition." Under our policy, volume discounts and rebates are
recorded as a reduction of revenue in conjunction with the sale of the graphite electrodes, and shipping and handling
revenues relating to graphite electrodes sold are included as an increase to revenue. Weighted average realized price reflects the total revenues from sales of graphite electrodes for the period
divided by the graphite electrode sales volume for that period. Sales volume and price help investors understand the factors that drive our net&nbsp;sales. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>Production
volume reflects graphite electrodes produced during the period. Production capacity reflects expected maximum production volume during the period under normal operating conditions, standard
product mix and expected maintenance downtime. Capacity utilization reflects production volume as a percentage of production capacity. Production volume, production capacity and capacity utilization
help us understand the efficiency of our production, evaluate cost of sales and consider how to approach our contract initiative. </FONT></P>

<P style="font-family:arial;;margin-left:12.0pt;text-indent:-12.0pt;"><FONT SIZE=3><B>


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Customer base  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We are a global company and sell our products in every major geographic market. Sales of these products to buyers outside the United States
accounted for approximately 81% in 2017 and 83% in 2016 of our net sales. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
2017, five of our ten largest customers were based in Europe, two in the United States and one each in Brazil, Russia and Mexico. However, all of these customers are multi-national operators. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>The
following table summarizes information as to our operations in different geographical areas: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
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<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="53pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="53pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


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




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


 </font>&#8203;


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 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


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

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>For the year ended<BR>
December&nbsp;31, </B></FONT></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2><B>(in thousands)</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>2017</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>2016</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


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




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


 </b></font>&#8203;


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


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


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


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


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


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


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


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


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


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


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



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


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

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


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


 Net sales:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>United States</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>103,890</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>74,526</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


 Americas (excluding the United States)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>129,103</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>116,944</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Asia Pacific</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>46,329</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>41,302</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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


 Europe, Middle East, Africa</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>271,449</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>205,191 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


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




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


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


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


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


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


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


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


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


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


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


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


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

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>550,771</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>437,963 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


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




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


 </font>&#8203;


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


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


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


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


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:arial;"><FONT SIZE=2>In
2017, one customer accounted for more than 10% of our net sales. Due to the increased demand for our products, we believe this customer does not pose a significant risk, as sales to this customer
could be replaced by demand from other customers. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>75</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=78,EFW="2235378",CP="GRAFTECH INTERNATIONAL LTD.",DN="1",CHK=404068,FOLIO='75',FILE='DISK103:[17ZDN4.17ZDN71304]DK71304A.;70',USER='RRICKEN',CD='19-APR-2018;09:31' -->
<A NAME="page_dk71304_1_76"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:arial;;margin-left:12.0pt;text-indent:-12.0pt;"><FONT SIZE=3><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:12.0pt;text-indent:-12.0pt;" -->


Results of operations  </B></FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Results of operations for 2017 as compared to 2016  </I></B></FONT></P>
 <div style="display:none;*display:block;margin-top:-4pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
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<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR style="line-height:0pt;"><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="100.00%" style="font-family:arial;"><div style="width:100.00%;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="32.98pt" style="font-family:arial;"><div style="width:32.98pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="36.74pt" style="font-family:arial;"><div style="width:36.74pt;"></div></TD>
<TD WIDTH="12pt" style="font-family:arial;"><div style="width:12pt;"></div></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>  For the Year Ended<BR>
December&nbsp;31, </B></FONT></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>(in thousands)</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2017</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2016</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Net sales</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>550,771</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>437,963</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cost of sales</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>461,339</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>448,016</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Additions to lower of cost or market inventory reserve</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>1,509</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>18,974 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gross profit (loss)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>87,923</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(29,027</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Research and development</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2,951</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2,399</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Selling and administrative expenses</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>49,479</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>57,784</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Impairment of long-lived assets and goodwill</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2,843 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Operating income (loss)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>35,493</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(92,053</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other expense (income), net</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>1,634</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(2,188</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Interest expense</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>30,823</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>26,914</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest income</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(395</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(358</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Income (loss) from continuing operations before provision for income taxes</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>3,431</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(116,421</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>(Benefit) provision for income taxes</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(10,781</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(7,552</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Net income (loss) from continuing operations</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>14,212</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(108,869</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss from discontinued operations, net of tax</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(6,229</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(126,974</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Net income (loss)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>7,983</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(235,843</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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 <P style="font-family:arial;"><FONT SIZE=2><I> Net sales.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Net sales increased by $112.8&nbsp;million, or 26%, from $438.0&nbsp;million in 2016 to $550.8&nbsp;million in
2017. This increase was driven by a 19% increase in weighted average realized price for graphite electrodes and a 6.5% increase in sales volume in 2017 compared to 2016. The increases in weighted
average sales price and sales volume were driven by increased demand for graphite electrodes due to recent general economic and industry conditions. In particular, prices decreased throughout 2016 and
into the first quarter of 2017, but began to increase in the third quarter of 2017. The weighted average sales price increased an additional 42% from the third quarter to the fourth quarter
of&nbsp;2017. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> Cost of sales.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Cost of sales increased by $13.3&nbsp;million, or 3%, from $448.0&nbsp;million in 2016 to $461.3&nbsp;million in 2017. Increased sales volume
of graphite electrodes was the primary driver of this increase resulting in additional cost of sales of $15.1&nbsp;million. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> Lower of cost or market inventory adjustment.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We incurred an inventory adjustment to reduce inventory to the lower of cost or market of $19.0&nbsp;million in
2016 for certain product lines within our graphite electrode business. Improved pricing and lower costs in 2017 lessened the need for these&nbsp;charges. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> Research and development.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Research and development expenses increased by $0.6&nbsp;million, or 23% from $2.4&nbsp;million in 2016 to $3.0&nbsp;million in
2017, primarily due to the write-off of certain research and development fixed assets in connection with our decision to stop research on a project. These charges were partially offset by an increased
benefit of $0.3&nbsp;million in 2017 from our annual mark-to-market adjustment for pension and OPEB&nbsp;plans. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>76</FONT></P>

<HR NOSHADE>
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<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> Selling and administrative expenses.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Selling and administrative expenses decreased by $8.3&nbsp;million, or 14%, from $57.8&nbsp;million in 2016 to
$49.5&nbsp;million in 2017. This decrease was driven primarily by continued cost reduction efforts, which were achieved by simplifying our corporate structure. We also experienced an increased
benefit of $1.9&nbsp;million in 2017 compared to 2016 from our annual mark-to-market adjustment for pension and OPEB&nbsp;plans. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> Other (income) expense.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other expense increased by $3.8&nbsp;million, or 175%, from income of $2.2&nbsp;million in 2016 to expense of $1.6&nbsp;million in
2017. This increase was primarily due to non-cash foreign currency impacts on non-operating assets and liabilities and was partially offset by interest income received as part of the resolution of a
value added tax (or&nbsp;VAT) dispute in a foreign jurisdiction. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> Interest expense.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Interest expense increased by $3.9&nbsp;million, or 15%, from $26.9&nbsp;million in 2016 to $30.8&nbsp;million in 2017, primarily due to
the increased effective interest rate on our Old Revolving Credit Facility. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> Loss from discontinued operations.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Loss from our discontinued operations decreased by $120.7&nbsp;million, or 95%, from $127.0&nbsp;million in 2016 to
$6.2&nbsp;million in 2017. The decrease in loss was primarily due to a $119.9&nbsp;million impairment charge to align the carrying value of assets held for sale to their estimated fair value
in&nbsp;2016. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> Benefit from income taxes.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes the benefit for income taxes in 2017 and&nbsp;2016: </FONT></P>
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<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>  Successor </B></FONT></TH>
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<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>  For the Year Ended<BR>
December&nbsp;31, </B></FONT></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
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<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2017</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2016</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
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 </B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


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 </B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
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<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 Tax benefit</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(10,781</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(7,552</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
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<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income (loss) from continuing operations before provision for income taxes</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>3,431</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(116,421</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>) </FONT></TD>
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 Effective tax rates</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>  (314)%</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>6.5% </FONT></TD>
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</FONT>
</TD>
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</FONT></TD>
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 <P style="font-family:arial;"><FONT SIZE=2>The
effective tax rate for fiscal 2017 was (314)%. It reflects the release of $16&nbsp;million of valuation allowance reserve established against our GrafTech Switzerland net deferred tax assets. A
$54.1&nbsp;million charge related to the impact of the Tax&nbsp;Act was recorded in the fourth quarter of 2017 but was offset by a release of a valuation allowance reserve on the deferred tax
assets. The $54.1&nbsp;million charge includes a $52.2&nbsp;million charge related to the revaluation of our deferred tax assets and liabilities due to the reduction of the U.S.&nbsp;corporate
tax rate and $39.6&nbsp;million of transition tax, partially offset by $37.7&nbsp;million of additional foreign tax credit related to the transition tax on unrepatriated earnings. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>During
2016 and 2017 the effective tax rates differed from the U.S.&nbsp;statutory rate of 35% primarily due to the losses incurred in the United&nbsp;States (and&nbsp;in Switzerland in 2016),
where we receive no tax benefit due to a full valuation allowance, as well as taxes on worldwide earnings from various countries. The recognition of the valuation allowance does not result in or limit
our ability to utilize these tax assets in the&nbsp;future. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
tax expense changed from a benefit of $7.6&nbsp;million, for an effective tax rate of 6.5% for the year ended December&nbsp;31, 2016 to a tax benefit of $10.8&nbsp;million for a (314)%
effective rate for the year ended December&nbsp;31, 2017. This change in the effective tax rate is primarily related to a shift in the jurisdictional mix of earnings and losses from year to year.
Certain foreign jurisdictions shifted from pre-tax losses in </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>77</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>2016
to pre-tax earnings in 2017 (including Switzerland, where a tax benefit was reflected in the 2017 effective tax rate) while the contribution of U.S.&nbsp;pre-tax losses, for which we receive no
tax benefit, decreased from 2016 to&nbsp;2017. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
are still evaluating the impact of the Tax&nbsp;Act on our future U.S.&nbsp;tax liability, but at this time, we expect that the overall impact of the Tax&nbsp;Act on our effective tax rate
will be a decrease over more normalized levels from 2016. This decrease is expected due to certain new provisions included in the Tax&nbsp;Act, specifically the reduction in the U.S.&nbsp;income
tax rate offset by the new GILTI&nbsp;rules. </FONT></P>

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Production Capacity  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our graphite electrode plant production capacity in 2017 was 195,000&nbsp;MT including our St.&nbsp;Marys facility, which has been temporarily idled since
the second quarter of 2016. Due to the idling of St.&nbsp;Marys, our production capacity declined to 176,000&nbsp;MT in 2016 and 167,000&nbsp;MT in 2017. This production capacity reduction
concentrated our manufacturing capabilities at our lowest cost, highest efficiency facilities. This, coupled with a recovery in customer demand, resulted in an increase to our capacity utilization,
excluding the St.&nbsp;Marys facility, from 85% in 2016 to 99% in&nbsp;2017. </FONT></P>

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Results of operations for 2016 as compared to 2015  </I></B></FONT></P>
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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


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<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Successor</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


&nbsp;</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Predecessor </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>(in thousands)</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the year ended<BR>
December&nbsp;31, 2016</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the period<BR>
August&nbsp;15 through<BR>
December&nbsp;31, 2015</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


&nbsp;</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the period<BR>
January&nbsp;1 through<BR>
August&nbsp;14, 2015 </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Net sales</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>437,963</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>193,133</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>339,907</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cost of sales</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>448,016</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>180,845</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>305,001</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Additions to lower of cost or market inventory reserve</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>18,974</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151; </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gross profit (loss)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(29,027</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>12,288</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>34,906</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Research and development</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2,399</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>1,083</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>3,377</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Selling and administrative expenses</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>57,784</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>23,768</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>64,397</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Impairment of long-lived assets and goodwill</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2,843</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>35,381 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Operating loss</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(92,053</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(12,563</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(68,249</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other expense (income), net</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(2,188</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(813</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>1,421</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Interest expense</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>26,914</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>9,999</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>26,211</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest income</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(358</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(6</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(363</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Loss from continuing operations before provision for income taxes</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(116,421</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(21,743</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(95,518</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>(Benefit) provision for income taxes</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(7,552</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>6,882</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>6,452 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Net loss from continuing operations</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(108,869</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(28,625</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(101,970</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss from discontinued operations, net of tax</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(126,974</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(4,926</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(18,679</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Net loss</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(235,843</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(33,551</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(120,649</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:arial;"><FONT SIZE=2><I> Net sales.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Net sales decreased from $339.9&nbsp;million in the period January&nbsp;1 through August&nbsp;14, 2015 and $193.1&nbsp;million in the period
August&nbsp;15 through December&nbsp;31, 2015 to $438.0&nbsp;million in 2016. This decrease was driven by a 27% decrease in the weighted average realized price for graphite electrodes, which was
largely due to overcapacity within the graphite electrode industry. The decrease in price was partially </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>78</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=81,EFW="2235378",CP="GRAFTECH INTERNATIONAL LTD.",DN="1",CHK=316481,FOLIO='78',FILE='DISK103:[17ZDN4.17ZDN71304]DK71304A.;70',USER='RRICKEN',CD='19-APR-2018;09:31' -->
<A NAME="page_dk71304_1_79"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>offset
by a 12% increase in sales volume due to our customers restocking on electrodes as EAF industry production levels began to recover. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> Cost of sales.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We experienced a decrease in cost of sales from $305.0&nbsp;million in the period January&nbsp;1 through August&nbsp;14, 2015 and
$180.8&nbsp;million in the period August&nbsp;15 through December&nbsp;31, 2015 to $448.0&nbsp;million in 2016. We achieved this reduction despite the 12% increase in sales volumes and
increased depreciation expense resulting from the increase in fixed asset carrying value due to the step-up in value after our acquisition by Brookfield. Decreased oil prices during 2016 drove down
the price of decant oil, the key raw material in our petroleum needle coke production platform, which decreased our cost of sales. Cost savings resulting from our rationalization initiatives over the
previous three years generated the remainder of the favorable impact to cost of sales, as we shifted production from our smaller production facilities to our largest production facilities to increase
fixed cost absorption, resulting in an increase to our capacity utilization, excluding the St.&nbsp;Marys facility, from 70% for the year ended December&nbsp;31, 2015 to 85% for the year ended
December&nbsp;31, 2016. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> Lower of cost or market inventory adjustment.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In 2016, we incurred an inventory adjustment of $19.0&nbsp;million to reduce inventory to the lower of cost or
market in certain product lines within our graphite electrode business reflecting the decreased prices for graphite electrodes. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> Research and development.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Research and development expenses decreased from $3.4&nbsp;million in the period January&nbsp;1 through August&nbsp;14, 2015 and
$1.1&nbsp;million in the period August&nbsp;15 through December&nbsp;31, 2015 to $2.4&nbsp;million in 2016. This decrease was primarily driven by headcount reductions and cost-cutting
measures. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> Selling and administrative expenses.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Selling and administrative expenses decreased from $64.4&nbsp;million in the period January&nbsp;1 through
August&nbsp;14, 2015 and $23.8&nbsp;million in the period August&nbsp;15 through December&nbsp;31, 2015 to $57.8&nbsp;million in 2016. This decrease was primarily driven by a reduction in
non-recurring charges. Fees associated with our proxy contests and acquisition-related costs represented $23.6&nbsp;million in 2015, while
they were approximately $8.0&nbsp;million in 2016. Additionally, we incurred a $2.9&nbsp;million decrease in our 2016 mark-to-market adjustment as compared to 2015. The remainder of the decrease
was the result of headcount reductions and cost-cutting measures, which were achieved by simplifying our corporate structure. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> Impairments.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As a result of the margin contraction for petroleum needle coke due to the price decreases, we recorded a goodwill impairment charge in our petroleum
needle coke reporting unit totaling $35.4&nbsp;million during the first quarter of 2015. During the fourth quarter of 2016, we recorded an impairment in the value of assets held for sale at our
facility in Brazil totaling $2.8&nbsp;million to align its fair value to offers at lower prices than previously estimated. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2><I> Other expense (income).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other expense (income) decreased from $1.4&nbsp;million of expense in the period January&nbsp;1 through August&nbsp;14, 2015 and
$0.8&nbsp;million of income in the period August&nbsp;15 through December&nbsp;31, 2015 to $2.2&nbsp;million of income in 2016. The decrease was due to advantageous foreign currency impacts on
non-operating assets and liabilities. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> Interest expense.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Interest expense decreased from $26.2&nbsp;million in the period January&nbsp;1 through August&nbsp;14, 2015 and $10.0&nbsp;million in
the period August&nbsp;15 through December&nbsp;31, 2015 to $26.9&nbsp;million in 2016. The decrease was due to prepayment of our senior subordinated notes issued for an aggregate total face
amount of $200&nbsp;million (or the Senior Subordinated Notes) in 2015. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>79</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=82,EFW="2235378",CP="GRAFTECH INTERNATIONAL LTD.",DN="1",CHK=434813,FOLIO='79',FILE='DISK103:[17ZDN4.17ZDN71304]DK71304A.;70',USER='RRICKEN',CD='19-APR-2018;09:31' -->
<A NAME="page_dk71304_1_80"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> Loss from discontinued operations.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Loss from discontinued operations increased from $18.7&nbsp;million in the period January&nbsp;1 through August&nbsp;14,
2015 and $4.9&nbsp;million in the period August&nbsp;15 through December&nbsp;31, 2015 to $127.0&nbsp;million in 2016. This increase was primarily due to a $119.9&nbsp;million impairment
charge to align the carrying value of assets held for sale to their estimated fair value. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> Provision for income taxes.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes the expense for income taxes in 2016 and 2015: </FONT></P>
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<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="69.70pt" style="font-family:arial;"><div style="width:69.70pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
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<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="66.72pt" style="font-family:arial;"><div style="width:66.72pt;"></div></TD>
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<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
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</FONT></TD>
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</TD>
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<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
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<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Successor</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
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&nbsp;</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Predecessor </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B>


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<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
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</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TR VALIGN="BOTTOM">
<TH ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the year ended<BR>
December&nbsp;31, 2016</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the period<BR>
August&nbsp;15 through<BR>
December&nbsp;31, 2015</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2><B>


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&nbsp;</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the period<BR>
January&nbsp;1 through<BR>
August&nbsp;14, 2015 </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


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</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2><B> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=7 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>  (Dollars in thousands)</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Tax (benefit) expense</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(7,552</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>6,882</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>6,452</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss from continuing operations before provision for income taxes</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(116,421</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(21,743</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(95,518</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Effective tax rates</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>6.5%</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2> (31.7</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)%</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2> (6.8</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


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 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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 <P style="font-family:arial;"><FONT SIZE=2>During
2015 and 2016, the effective tax rate differed from the U.S. statutory rate of 35% primarily due to losses incurred in the United States (and in Switzerland in 2016), where we receive no tax
benefit due to a full valuation allowance, and taxes on worldwide earnings from various other countries. The recognition of the valuation allowance does not result in or limit our ability to utilize
these tax assets in the future. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
tax expense decreased from a $6.5&nbsp;million expense, for a (6.8)% effective tax rate, in the period January&nbsp;1 to August&nbsp;14, 2015 and a $6.9&nbsp;million expense, for a (31.7)%
effective tax rate, in the period August&nbsp;15 to December&nbsp;31, 2015 to a benefit of $7.5&nbsp;million, for an effective tax rate of 6.5%, in 2016. The change in the effective tax rate
from the year 2015 to the year 2016 is primarily related to a shift in the jurisdictional mix of earnings and losses from year to year. Certain foreign jurisdictions shifted from a pre-tax earnings
basis in 2015 to a pre-tax loss basis in 2016 while the contribution of the U.S. and Switzerland pre-tax losses, for which we receive no tax benefit, decreased from 2015 to 2016. </FONT></P>


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Production capacity  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our graphite electrode plant production capacity in 2015 was 195,000 MT including our St.&nbsp;Marys facility, which has been temporarily idled since the
second quarter of 2016. Due to the wind down and ultimate idling of St.&nbsp;Marys, our production capacity, excluding the St.&nbsp;Marys facility, declined to 176,000 MT in 2016. This production
capacity reduction concentrated our manufacturing capabilities at our lowest cost, highest efficiency facilities. This, coupled with a recovery in customer demand, resulted in an increase to our
capacity utilization, excluding the St.&nbsp;Marys facility, from 70% in 2015 to 85% in 2016. </FONT></P>


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Effects of inflation  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We incur costs in the United States and each of the non-U.S. countries in which we have a manufacturing facility. In general, our results of
operations, cash flows and financial condition are affected by the effects of inflation on our costs incurred in each of these countries. </FONT></P>

<P style="font-family:arial;;margin-left:12.0pt;text-indent:-12.0pt;"><FONT SIZE=3><B>


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Currency translation and transactions  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We translate the assets and liabilities of our non-U.S. subsidiaries into U.S. dollars for consolidation and reporting purposes in accordance
with the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 830, Foreign Currency Matters. Foreign currency translation adjustments are generally recorded as part of
stockholders' equity and identified as part of accumulated other comprehensive loss on the Consolidated Balance Sheets until such time as their operations are sold or substantially or completely
liquidated. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>80</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>We account for our Russian, Swiss, Luxembourg and Mexican subsidiaries using the dollar as the functional currency, as sales and purchases are predominantly dollar-denominated.
Our remaining subsidiaries use their local currency as their functional currency. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
also record foreign currency transaction gains and losses from non-permanent intercompany balances as part of other (income) expense, net. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Significant
changes in currency exchange rates impacting us are described under "Effects of Changes in Currency Exchange Rates" and "Results of Operations." </FONT></P>

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Liquidity and capital resources  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our sources of funds have consisted principally of cash flow from operations and debt, including the Old Revolving Credit Facility (subject to
continued compliance with the financial covenants and representations under the Old Revolving Credit Facility). Our uses of those funds (other than for operations) have consisted principally of
capital expenditures, cash paid for acquisitions and associated expenses, debt reduction payments and other obligations. Disruptions in the U.S. and international financial markets could adversely
affect our liquidity and the cost and availability of financing to us in the future. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
believe that we have adequate liquidity to meet our needs. As of December&nbsp;31, 2017, we had cash and cash equivalents of $13.4&nbsp;million, long-term debt of $322.9&nbsp;million,
short-term debt of $16.5&nbsp;million and stockholder's equity of $613.2&nbsp;million. As of December&nbsp;31, 2016, we had cash and cash equivalents of $11.6&nbsp;million, long-term debt of
$356.6&nbsp;million, short-term debt of $8.9&nbsp;million and stockholders' equity of $577.4&nbsp;million. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>As
of December&nbsp;31, 2017 and 2016, $12.6&nbsp;million and $11.0&nbsp;million, respectively, of our cash and cash equivalents were located outside of the United States. The
December&nbsp;31, 2017 balances outside of the United States included $2.5&nbsp;million in Brazil, $0.6&nbsp;million in Russia, $2.4&nbsp;million in Switzerland, $1.8&nbsp;million in South
Africa and $0.3&nbsp;million in China. The December&nbsp;31, 2016 balances outside of the United States included $3.1&nbsp;million in Brazil, $0.5&nbsp;million in Russia, $1.0&nbsp;million
in Switzerland, $0.9&nbsp;million in China and $1.1&nbsp;million in South Africa. We repatriate funds from our foreign subsidiaries through dividends. All of our subsidiaries face the customary
statutory limitation that distributed dividends do not exceed the amount of retained and current earnings. In addition, for our subsidiary in South Africa, the South Africa Central Bank imposes that
certain solvency and liquidity ratios remain above defined levels after the dividend distribution, which historically has not materially affected our ability to repatriate cash from this jurisdiction.
Upon repatriation to the United States, the foreign source portion of dividends we receive from our foreign subsidiaries is no longer subject to U.S. federal income tax as a result of the
Tax&nbsp;Act. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> Cash flow and plans to manage liquidity.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our cash flow typically fluctuates significantly between quarters due to various factors. These factors include customer
order patterns, fluctuations in working capital requirements, timing of capital expenditures, acquisitions, divestitures and other factors. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>As
of December&nbsp;31, 2017, we had access to a $225&nbsp;million revolving facility (subject to a $25&nbsp;million minimum liquidity requirement) (the Old Revolving Credit Facility). We had
$39.5&nbsp;million of borrowings and $8.7&nbsp;million of letters of credit, for a total of $48.2&nbsp;million drawn against the Old Revolving Credit Facility as
of December&nbsp;31, 2017 and $61.2&nbsp;million of borrowings and $12.3&nbsp;million of letters of credit, for a total of $73.5&nbsp;million drawn against the Old Revolving Credit Facility as
of December&nbsp;31, 2016. We also had $0.5&nbsp;million and $5.7&nbsp;million of surety bonds outstanding as of December&nbsp;31, 2017 and 2016, respectively. Surety bonds are renewed
annually. If surety bond rates became unfavorable, the letters of credit under our Old Revolving Credit Facility would be utilized instead. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>81</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>On
February&nbsp;12, 2018, we entered into the 2018 Credit Agreement, which provides for the 2018 Revolving Facility and the 2018 Term Loan Facility. On February&nbsp;12, 2018, our wholly owned
subsidiary, GrafTech Finance, borrowed $1,500&nbsp;million under the 2018 Term Loan Facility. The funds received were used to pay off our outstanding debt, including borrowings under our Old Credit
Agreement and the Senior Notes and accrued interest relating to such borrowings and the Senior Notes, declare and pay a dividend to the selling stockholder, pay fees and expenses incurred in
connection therewith and for other general corporate purposes. See "&#151;Financing Transactions&#151;2018 Credit Agreement" below for more information. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Prior
to the consummation of this offering, we expect to declare a $160 million cash dividend payable to the selling stockholder. Payment of this dividend will be conditioned upon (i)&nbsp;the
Senior Secured First Lien Net Leverage Ratio (as defined in the 2018 Credit Agreement), as calculated based on our final financial results for the first quarter of 2018, being equal to or less than
1.75 to 1.00, (ii)&nbsp;no Default or Event of Default (as defined in the 2018 Credit Agreement) having occurred and continuing or that would result from the payment of the dividend and (iii) the
payment occurring within 60 days from the dividend record date. Assuming these conditions are met, we expect to pay the dividend on or around May&nbsp;9, 2018. However, there can be no assurance
that we will meet these conditions by this date or at all. In addition, although this dividend is not expected to be paid until after the consummation of this offering, it will be payable solely to
the selling stockholder, as sole stockholder of the Company on the dividend record date, which will be prior to the consummation of this offering. As a result, you will not be entitled to receive any
portion of this dividend regardless of when the conditions are satisfied. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Potential
uses of our liquidity include capital expenditures, acquisitions, debt repayments and other general purposes, including cash outflows related to rationalization activities. Continued
volatility in the global economy may require additional borrowings under the 2018 Revolving Facility. An improving economy, while resulting in improved results of operations, could increase our cash
requirements to purchase inventories, make capital expenditures and fund payables and other obligations until increased accounts receivable are converted into cash. A downturn could significantly and
negatively impact our results of operations and cash flows, which, coupled with increased borrowings, could negatively impact our credit ratings, our ability to comply with debt covenants, our ability
to secure additional financing and the cost of such financing, if available. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
the event that operating cash flows fail to provide sufficient liquidity to meet our business needs, including capital expenditures, any such shortfall would need to be made up by increased
borrowings under our 2018 Revolving Facility, to the extent available. We have sold all of our Engineered Solutions businesses in accordance with our plan to divest businesses that are not core to our
graphite electrode business. The cash proceeds from the sales were used to repay borrowings outstanding under the Old Revolving Credit Facility and Old Term Loan Facility in accordance with the Second
Amended and Restated Credit Agreement dated as of February&nbsp;27, 2015 (or the Old Credit Agreement). </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
order to seek to minimize our credit risks, we may reduce our sales of, or refuse to sell (except for cash on delivery or under letters of credit or parent guarantees), our products to some
customers and potential customers. In the current economic environment, our customers may experience liquidity shortages or difficulties in obtaining credit, including letters of credit. Our
unrecovered trade receivables worldwide have not been material during the last two years individually or in the aggregate. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
manage our capital expenditures by taking into account quality, plant reliability, safety, environmental and regulatory requirements, prudent or essential maintenance requirements, global economic
conditions, available capital resources, liquidity, long-term business strategy and return on invested capital for the </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>82</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>relevant
expenditures, cost of capital and return on invested capital of the Company as a whole and other factors. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
had positive cash flow from operating activities during 2017, 2016 and 2015. Although the global economic environment experienced significant swings in these periods, our working capital management
and cost-control initiatives allowed us to remain operating cash-flow positive in both times of declining and improving operating results. </FONT></P>

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Cash flows  </I></FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>Cash flows include cash flows from both continuing and discontinued operations. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
following table summarizes our cash flow activities: </FONT></P>
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<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


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</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-right:solid #000000 1.0pt;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the year ended<BR>
December&nbsp;31,</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the<BR>
period<BR>
August&nbsp;15<BR>
through<BR>
December&nbsp;31,</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


&nbsp;</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the<BR>
period<BR>
January&nbsp;1<BR>
through<BR>
August&nbsp;14, </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-right:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2017</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2016</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2015</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


&nbsp;</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2015 </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




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 </b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-right:solid #000000 1.0pt;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2><B> </B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD COLSPAN=13 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>  (Dollars in millions)</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Cash flow provided by (used in):</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Operating activities</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>36.6</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>22.8</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>23.1</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>28.3</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Investing activities</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(2.2</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(10.5</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(17.5</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(39.9</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Financing activities</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(33.0</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(8.3</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(23.1</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>20.8 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:arial;;margin-left:12.0pt;text-indent:-12.0pt;"><FONT SIZE=3><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:12.0pt;text-indent:-12.0pt;" -->


Operating activities  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Cash flow provided by (used in) operating activities represents cash receipts and cash disbursements related to all of our activities other
than investing and financing activities. Operating cash flow is derived by adjusting net income (loss) for:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Non-cash items such as depreciation and amortization; impairment, post-retirement obligations and pension plan changes; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Gains and losses attributed to investing and financing activities such as gains and losses on the sale of assets and unrealized currency
transaction gains and losses; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Changes in operating assets and liabilities which reflect timing differences between the receipt and payment of cash associated with
transactions and when they are recognized in results of operations. </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>The
net impact of the changes in working capital (operating assets and liabilities) include the impact of changes in: receivables, inventories, prepaid expenses, accounts payable, accrued liabilities,
accrued taxes, interest payable and payments of other current liabilities. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
the year ended December&nbsp;31, 2017, changes in working capital resulted in a net use of funds of $20.0&nbsp;million which was impacted by:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> use of funds of $29.8&nbsp;million from the increase in accounts receivable, which was due primarily to increased sales driven by higher
sales&nbsp;prices; </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>83</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=86,EFW="2235378",CP="GRAFTECH INTERNATIONAL LTD.",DN="1",CHK=751472,FOLIO='83',FILE='DISK103:[17ZDN4.17ZDN71304]DM71304A.;73',USER='RRICKEN',CD='19-APR-2018;09:31' -->
<A NAME="page_dm71304_1_84"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> use of funds from increases in inventory of $15.6&nbsp;million primarily due to the increased price of raw&nbsp;materials; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> use of funds of $10.6&nbsp;million from increased prepaid and other current assets resulting from increased value-added tax receivables in
foreign jurisdictions;&nbsp;and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> source of funds of $36.4&nbsp;million from increases in accounts payable and other accruals primarily driven by customer deposits associated
with our new three-to five-year take-or-pay contracts and the timing of payments for other liabilities. </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>Other
uses of cash in the year ended December&nbsp;31, 2017 included contributions to pension and other benefit plans of $8.8&nbsp;million, cash paid for interest of $25.3&nbsp;million and
$3.5&nbsp;million of cash paid for taxes. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
the year ended December&nbsp;31, 2016, changes in working capital resulted in a net source of funds of $68.6&nbsp;million which was impacted by:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> source of funds of $3.4&nbsp;million from the decrease in accounts receivable, which was due primarily to the timing of sales and payment
collections during the year; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> source of funds from inventory reductions of $53.5&nbsp;million primarily due to the planned reduction of inventory levels built up in prior
years; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> source of funds of $15.8&nbsp;million from increases in accounts payable; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> use of funds of $2.8&nbsp;million for the settlement of rationalization related liabilities. </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>Other
uses of cash in the year ended December&nbsp;31, 2016 included contributions to pension and other benefit plans of $11.0&nbsp;million, cash paid for interest of $23.6&nbsp;million and
$3.3&nbsp;million of cash paid for taxes. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
the period August&nbsp;15 through December&nbsp;31, 2015, changes in working capital resulted in a net source of funds of $26.8&nbsp;million which was impacted
by:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> use of funds of $9.5&nbsp;million from the increase in accounts receivable, which was due primarily to the timing of sales and payment
collections during the year; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> source of funds from prepaid and other asset reductions of $14.2&nbsp;million primarily related to VAT receivable collections; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> source of funds from inventory reductions of $47.9&nbsp;million primarily due to the planned reduction of inventory levels built up in prior
years; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> use of funds of $19.8&nbsp;million from a decreases in accounts payable. </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>Other
uses of cash in the period August&nbsp;15 through December&nbsp;31, 2015 included contributions to pension and other benefit plans of $3.4&nbsp;million, cash paid for interest of
$10.9&nbsp;million and $1.6&nbsp;million of cash paid for taxes. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
the period January&nbsp;1 through August&nbsp;14, 2015, changes in working capital resulted in a net source of funds of $45.6&nbsp;million which was impacted
by:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> net cash inflows in accounts receivable of $61.0&nbsp;million from the decrease in accounts receivable due to the timing and collection of
customer sales payments; </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>84</FONT></P>

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<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> net cash outflows from decreases in accounts payable and accruals of $18.7&nbsp;million, due primarily to changes in tax accruals and
payables; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> an increase in interest payable of $2.3&nbsp;million. </FONT></DD></DL>


<P style="font-family:arial;"><FONT SIZE=2>Other
uses of cash in the period January&nbsp;1 through August&nbsp;14, 2015 included contributions to pension and other benefit plans of $11.2&nbsp;million, cash paid for interest of
$10.7&nbsp;million and $5.0&nbsp;million of cash paid for taxes. </FONT></P>

<P style="font-family:arial;;margin-left:12.0pt;text-indent:-12.0pt;"><FONT SIZE=3><B>


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Investing activities  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Net cash used in investing activities was $2.2&nbsp;million in the year ended December&nbsp;31, 2017 and included capital expenditures of
$34.7&nbsp;million, of which $0.5&nbsp;million were maintenance capital expenditures for discontinued operations. This use of cash was partially offset by cash proceeds from the sale of our
Engineered Solutions businesses of $27.3&nbsp;million and proceeds from the sale of fixed assets of $5.2&nbsp;million. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>Net
cash used in investing activities was $10.5&nbsp;million in the year ended December&nbsp;31, 2016 and included capital expenditures of $27.9&nbsp;million, of which $4.7&nbsp;million were
maintenance capital expenditures for discontinued operations, proceeds from the sale of fixed assets of $1.1&nbsp;million and cash inflows of $15.9&nbsp;million from the divestiture of our Fiber
Materials&nbsp;Inc. business. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Net
cash used in investing activities was $17.5&nbsp;million in the period of August&nbsp;15 through December&nbsp;31, 2015 and included capital expenditures of $18.4&nbsp;million, of which
$4.4&nbsp;million were maintenance capital expenditures for discontinued operations, and cash inflows of $0.6&nbsp;million related to the sale of fixed assets. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>Net
cash used in investing activities was $39.9&nbsp;million in the period of January&nbsp;1 through August&nbsp;14, 2015 and included capital expenditures of $32.3&nbsp;million, of which
$10.1&nbsp;million were maintenance capital expenditures for discontinued operations, payments for derivative instruments of $8.3&nbsp;million and cash inflows of $0.6&nbsp;million related to
the sale of fixed assets. </FONT></P>

<P style="font-family:arial;;margin-left:12.0pt;text-indent:-12.0pt;"><FONT SIZE=3><B>


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Financing activities  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Net cash used in financing activities was $33.0&nbsp;million for the year ended December&nbsp;31, 2017, resulting from net payments on our
Old Revolving Credit Facility. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Net
cash used in financing activities was $8.3&nbsp;million in the year ended December&nbsp;31, 2016 and included net payments on our Old Revolving Credit Facility of $7.1&nbsp;million and net
payments of $0.9&nbsp;million for refinancing fees. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Net
cash used in financing activities was $23.1&nbsp;million for the period August&nbsp;15 through December&nbsp;31, 2015 and included net payments on our Old Revolving Credit Facility of
$21.5&nbsp;million and cash outflows of $1.4&nbsp;million for issuance costs related to our preferred share issuance. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Net
cash provided by financing activities was $20.8&nbsp;million in the period January&nbsp;1 through August&nbsp;14, 2015 and included cash proceeds of $150.0&nbsp;million from our issuance
of preferred shares, cash inflows for net borrowings on our Old Revolving Credit Facility of $79.5&nbsp;million, $200&nbsp;million cash outflow for the prepayment of our Senior Subordinated Notes,
cash outflows of $5.1&nbsp;million for refinancing fees and cash outflows of $3.4&nbsp;million for issuance costs related to our preferred share issuance. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>85</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>As a part of our cash management activities, we manage accounts receivable credit risk, collections, and accounts payable vendor terms to maximize our free cash at any given
time and minimize accounts receivable losses. </FONT></P>

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Financing transactions  </I></FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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 </I></FONT><FONT SIZE=2><U>Senior Notes</U> </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>On
November&nbsp;20, 2012, we issued $300&nbsp;million principal amount of the Senior Notes. These Senior Notes were our senior unsecured obligations and ranked pari passu with
all of our existing and future senior unsecured indebtedness. The Senior Notes were guaranteed on a senior unsecured basis by each of our existing and future subsidiaries that guarantee certain of our
or another guarantor's other indebtedness. The Senior Notes bore interest at a rate of 6.375% per year, payable semi-annually in arrears on May&nbsp;15 and November&nbsp;15 of each year. The
Senior Notes were scheduled to mature on November&nbsp;15, 2020. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
were entitled to redeem some or all of the Senior Notes at any time at the redemption prices set forth in the related indenture. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>If,
prior to maturity, a change in control (as defined in the indenture) of us occurred and thereafter certain downgrades of the ratings of the Senior Notes as specified in the indenture occurred, we
would have been required to offer to repurchase any or all of the Senior Notes at a repurchase price equal to 101% of the aggregate principal amount of the Senior Notes, plus any accrued and unpaid
interest. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
indenture also contained covenants that, among other things, limited our ability and that of certain of our subsidiaries to: (i)&nbsp;create liens or use assets as security in other
transactions; (ii)&nbsp;engage in certain sale/leaseback transactions; and (iii)&nbsp;merge, consolidate or sell, transfer, lease or dispose of substantially all of their assets. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
indenture also contained customary events of default, including (i)&nbsp;failure to pay principal or interest on the Senior Notes when due and payable, (ii)&nbsp;failure to comply with
covenants or agreements in the indenture or the Senior Notes if not cured or waived as provided in the indenture, (iii)&nbsp;failure to pay our indebtedness or indebtedness of any Subsidiary
Guarantor or Significant Subsidiary (as each term is defined in the indenture) in excess of $50.0&nbsp;million within any applicable grace period after maturity or acceleration, (iv)&nbsp;certain
events of bankruptcy, insolvency, or reorganization, (v)&nbsp;failure to pay any judgment or decree for an amount in excess of $50.0&nbsp;million against us, any Subsidiary Guarantor or any
Significant Subsidiary that was not discharged, waived or stayed as provided in the indenture, and (vi)&nbsp;cessation of any subsidiary guarantee to be in full force and effect or denial or
disaffirmance by any Subsidiary Guarantor of its obligations under its subsidiary guarantee. In the case of an event of default, the principal amount of the Senior Notes plus accrued and unpaid
interest could have been accelerated. The Senior Notes were redeemed on February&nbsp;12, 2018, as described below under "Long-Term Contractual, Commercial and Other Obligations and Commitments." </FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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</I></FONT><FONT SIZE=2><U>Old Revolving Credit Facility and Old Term Loan
Facility</U> </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>On
April&nbsp;23, 2014, we and certain of our subsidiaries entered into the Old Credit Agreement with a borrowing capacity of $400&nbsp;million and a maturity date of April 2019.
On February&nbsp;27, 2015, we and certain of our subsidiaries entered into a further amended and restated credit agreement that provided for, among other things, greater financial flexibility and a
$40&nbsp;million senior secured delayed draw term loan facility (the Old Term Loan Facility). The Old Revolving Credit Facility and the Old Term Loan Facility both had maturity dates of April 2019. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>86</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>On
July&nbsp;28, 2015, we and certain of our subsidiaries entered into an amendment to the Old Credit Agreement to change the terms regarding the occurrence of a default upon a change in control
(which is defined thereunder to include the acquisition by any person of more than 25% of our outstanding shares) to exclude the acquisition of shares by Brookfield (see Note&nbsp;2, Preferred Share
Issuance and Merger, of the Notes to the Consolidated Financial Statements included elsewhere in this prospectus). In addition, effective upon such acquisition, the financial covenants were eased,
resulting in increased availability under the Old Revolving Credit Facility. The size of the Old Revolving Credit Facility was also reduced from $400&nbsp;million to $375&nbsp;million. The size of
the Old Term Loan Facility remained at $40&nbsp;million. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>On
April&nbsp;27, 2016, we and certain of our subsidiaries entered into an amendment to the Old Revolving Credit Facility. The size of the Old Revolving Credit Facility was permanently reduced from
$375&nbsp;million to $225&nbsp;million. New covenants were also added to the Old Revolving Credit Facility, including a requirement to make mandatory repayments of outstanding amounts under the
Old Revolving Credit Facility and the Old Term Loan Facility with the proceeds of any sale of all or any substantial part of the assets included in the Engineered Solutions segment and a requirement
to maintain minimum liquidity (consisting of domestic cash, cash equivalents and availability under the Old Revolving Credit Facility) in excess of $25&nbsp;million. The covenants were also modified
to provide for: the elimination of certain exceptions to our negative covenants limiting our ability to make certain investments, sell assets, make restricted payments, incur liens and incur debt; a
restriction on the amount of cash and cash equivalents permitted to be held on the balance sheet at any one time without paying down the Old Revolving Credit Facility and the Old Term Loan Facility;
and changes to our financial covenants so that until the earlier of March&nbsp;31, 2019 or we had $75&nbsp;million in trailing twelve month EBITDA (as defined in the Old Credit Agreement), we were
required to maintain trailing twelve month EBITDA from continuing operations above certain minimums ranging from ($40&nbsp;million) to $35&nbsp;million after which our existing financial covenants
under the Old Revolving Credit Facility would apply. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>With
this amendment, we had full access to the $225&nbsp;million Old Revolving Credit Facility, subject to the $25&nbsp;million minimum liquidity requirement. As of December&nbsp;31, 2017, we
had $39.5&nbsp;million of borrowings on the Old Revolving Credit Facility and $8.7&nbsp;million of letters of credit drawn against the Old Revolving Credit Facility. As of December&nbsp;31,
2016, we had $61.2&nbsp;million of borrowings and $12.3&nbsp;million of letters of credit, for a total of $73.5&nbsp;million drawn against the Old Revolving Credit Facility. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
$40&nbsp;million Old Term Loan Facility was fully drawn on August&nbsp;11, 2015, in connection with the repayment of the Senior Subordinated Notes. We had $18.7&nbsp;million outstanding on
its Old Term Loan Facility as of December&nbsp;31,&nbsp;2017. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
interest rate applicable to the Old Revolving Credit Facility and Old Term Loan Facility was LIBOR plus a margin ranging from 2.25% to 4.75% (depending on our total senior secured leverage ratio).
The borrowers were required to pay a per annum fee ranging from 0.35% to 0.70% (depending on our senior secured leverage ratio) on the undrawn portion of the commitments under the Old Revolving Credit
Facility. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>As
of December&nbsp;31, 2017, we were in compliance with all financial and other covenants contained in the Old Revolving Credit Facility, as applicable. As described below, the outstanding
indebtedness under the Old Revolving Credit Facility has since been repaid and all commitments thereunder have been terminated. </FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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</I></FONT><FONT SIZE=2><U>2018 Credit Agreement</U> </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>On
February&nbsp;12, 2018, we entered into the 2018 Credit Agreement among us, GrafTech Finance, GrafTech Switzerland&nbsp;SA, a Swiss corporation and an indirect wholly owned
subsidiary of GrafTech (or&nbsp;Swissco), </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>87</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>GrafTech
Luxembourg II S.&agrave;.r.l., a Luxembourg soci&eacute;t&eacute; &agrave; responsabilit&eacute; limit&eacute;e and an indirect wholly owned
subsidiary of GrafTech (or&nbsp;Luxembourg Holdco) and, together with GrafTech Finance and Swissco, the
Co-Borrowers), the lenders and issuing banks party thereto and JPMorgan Chase Bank, N.A. as administrative agent and as collateral agent, which provides for (i)&nbsp;the 2018 Term Loan Facility and
(ii)&nbsp;the 2018 Revolving Credit Facility, which may be used from time to time for revolving credit borrowings denominated in dollars or Euro, the issuance of one or more letters of credit
denominated in dollars, Euro, Pounds Sterling or Swiss Francs and one or more swing line loans denominated in dollars. GrafTech Finance is the sole borrower under the 2018 Term Loan Facility while
GrafTech Finance, Swissco and Lux Holdco are Co-Borrowers under the 2018 Revolving Credit Facility. On February&nbsp;12, 2018, GrafTech Finance borrowed $1,500&nbsp;million under the 2018 Term
Loans. The 2018 Term Loans mature on February&nbsp;12, 2025. The maturity date for the 2018 Revolving Credit Facility is February&nbsp;12,&nbsp;2023. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
proceeds of the 2018 Term Loans were used to (i)&nbsp;repay in full all outstanding indebtedness of the Co-Borrowers under the Old Credit Agreement and terminate all commitments thereunder,
(ii)&nbsp;redeem in full the Senior Notes at a redemption price of 101.594% of the principal amount thereof plus accrued and unpaid interest to the date of redemption, (iii)&nbsp;pay fees and
expenses incurred in connection with (i)&nbsp;and (ii)&nbsp;above and the Senior Secured Credit Facilities and related expenses, and (iv)&nbsp;declare and pay a dividend to the selling
stockholder of $1,112&nbsp;million, with any remainder to be used for general corporate purposes. In connection with the repayment of the Old Credit Agreement and redemption of the Senior Notes, all
guarantees of obligations under the Old Credit Agreement, the indenture and the Senior Notes were terminated, all mortgages and other security interests securing obligations under the Old Credit
Agreement were released and the Old Credit Agreement and the indenture were terminated. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Borrowings
under the 2018 Term Loan Facility bear interest, at GrafTech Finance's option, at a rate equal to either (i)&nbsp;the Adjusted LIBO Rate (as&nbsp;defined in the 2018 Credit Agreement),
plus an applicable margin initially equal to 3.50% per annum or (ii)&nbsp;the ABR Rate (as&nbsp;defined in the 2018 Credit Agreement), plus an applicable margin initially equal to 2.50% per annum,
in each case with one step down of 25&nbsp;basis points based on achievement of certain public ratings of the 2018 Term&nbsp;Loans. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Borrowings
under the 2018 Revolving Credit Facility bear interest, at the applicable Co-Borrower's option, at a rate equal to either (i)&nbsp;the Adjusted LIBO Rate, plus an applicable margin
initially equal to 3.75% per annum or (ii)&nbsp;the ABR Rate, plus an applicable margin initially equal to 2.75% per annum, in each case with two 25&nbsp;basis point step downs based on
achievement of certain senior secured first lien net leverage ratios. In addition, the Co-Borrowers will be required to pay a quarterly commitment fee on the unused commitments under the 2018
Revolving Credit Facility in an amount equal to 0.25% per&nbsp;annum. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>All
obligations under the 2018 Credit Agreement are guaranteed by GrafTech, GrafTech Finance and each domestic subsidiary of GrafTech, subject to certain customary exceptions, and all obligations
under the 2018 Credit Agreement of each foreign subsidiary of GrafTech that is a Controlled Foreign Corporation are guaranteed by GrafTech Luxembourg I S.&agrave;.r.l., a Luxembourg
soci&eacute;t&eacute; &agrave; responsabilit&eacute; limit&eacute;e and an indirect wholly owned subsidiary of GrafTech (or&nbsp;Luxembourg Parent),
Luxembourg Holdco, and Swissco (collectively, the Guarantors). </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>All
obligations under the 2018 Credit Agreement are secured, subject to certain exceptions and Excluded Assets (as&nbsp;defined in the 2018 Credit Agreement), by: (i)&nbsp;a pledge of all of the
equity securities of GrafTech Finance and each domestic Guarantor (other than GrafTech) and of each other direct, wholly owned domestic subsidiary of GrafTech and any Guarantor, (ii)&nbsp;a pledge
on no more than 65% of the equity interests of each subsidiary that is a Controlled Foreign Corporation (within the meaning of Section&nbsp;956 of the Internal Revenue Code of 1986, as amended from
time to time), and (iii)&nbsp;security interests in, and </FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>mortgages
on, personal property and material real property of GrafTech Finance and each domestic Guarantor, subject to permitted liens and certain exceptions specified in the 2018 Credit Agreement.
The obligations of each foreign subsidiary of GrafTech that is a Controlled Foreign Corporation under the 2018 Revolving Credit Facility are secured by (i)&nbsp;a pledge of all of the equity
securities of each Guarantor that is a Controlled Foreign Corporation and of each direct, wholly owned subsidiary of any Guarantor that is a Controlled Foreign Corporation, and (ii)&nbsp;security
interests in certain receivables and personal property of each Guarantor that is a Controlled Foreign Corporation, subject to permitted liens and certain exceptions specified in the 2018 Credit
Agreement. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
2018 Term Loans amortize at a rate equal to 5% per annum of the original principal amount of the 2018 Term Loans payable in equal quarterly installments, with the remainder due at maturity. The
Co-Borrowers are permitted to make voluntary prepayments at any time without premium or penalty, except in the case of prepayments made in connection with certain repricing transactions with respect
to the 2018 Term Loans effected within twelve months of the closing date of the 2018 Credit Agreement, to which a 1.00% prepayment premium applies. GrafTech Finance is required to make prepayments
under the 2018 Term Loans (without payment of a premium) with (i)&nbsp;net cash proceeds from non-ordinary course asset sales (subject to customary reinvestment rights and other customary exceptions
and exclusions), and (ii)&nbsp;commencing with the Company's fiscal year ending December&nbsp;31, 2019, 75% of Excess Cash Flow (as&nbsp;defined in the 2018 Credit Agreement), subject to
step-downs to 50% and 0% of Excess Cash Flow based on achievement of a senior secured first lien net leverage ratio greater than 1.25 to 1.00&nbsp;but less than or equal to 1.75 to 1.00 and less
than or equal to 1.25 to 1.00, respectively. Scheduled quarterly amortization payments of the 2018 Term Loans during any calendar year reduce, on a dollar-for-dollar basis, the amount of the required
Excess Cash Flow prepayment for such calendar year, and the aggregate amount of Excess Cash Flow prepayments for any calendar year reduce subsequent quarterly amortization payments of the 2018 Term
Loans as directed by GrafTech&nbsp;Finance. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
2018 Credit Agreement contains customary representations and warranties and customary affirmative and negative covenants applicable to GrafTech and restricted subsidiaries, including, among other
things, restrictions on indebtedness, liens, investments, fundamental changes, dispositions, and dividends and other distributions. The 2018 Credit Agreement contains a financial covenant that
requires GrafTech to maintain a senior secured first lien net leverage ratio not greater than 4.00:1.00&nbsp;when the aggregate
principal amount of borrowings under the 2018 Revolving Credit Facility and outstanding letters of credit issued under the 2018 Revolving Credit Facility (except for undrawn letters of credit in an
aggregate amount equal to or less than $35&nbsp;million), taken together, exceed 35% of the total amount of commitments under the 2018 Revolving Credit Facility. The 2018 Credit Agreement also
contains customary events of&nbsp;default. </FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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</I></FONT><FONT SIZE=2><U>Brookfield Promissory Note</U> </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Prior
to the consummation of this offering, we expect to declare a dividend in the form of a $750&nbsp;million promissory note to the selling stockholder. The issuance of the
Brookfield Promissory Note as a dividend will be conditioned upon (i)&nbsp;the Senior Secured First Lien Net Leverage Ratio (as&nbsp;defined in the 2018 Credit Agreement), as calculated based on
our final financial results for the first quarter of 2018, being equal to or less than 1.75 to 1.00, (ii)&nbsp;no Default or Event of Default (each as defined in the 2018 Credit Agreement) having
occurred and continuing or that would result from the issuance of the Brookfield Promissory Note and (iii)&nbsp;the issuance occurring within 60&nbsp;days from the dividend record date. Assuming
these conditions are met, we expect to issue the Brookfield Promissory Note as a dividend on or around May&nbsp;9, 2018. However, there can be no assurance that we will meet these conditions by this
date or at&nbsp;all. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>89</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
Brookfield Promissory Note will mature eight years from the date of issuance and will bear interest at a rate equal to the Adjusted LIBO Rate (as&nbsp;defined in the Brookfield Promissory Note)
plus an applicable margin equal to 4.50% per annum, with an additional 2.00% per annum starting from the third anniversary from the date of issuance. We will be permitted to make voluntary prepayments
at any time without premium or penalty. All obligations under the Brookfield Promissory Note will be unsecured and guaranteed by all of our existing and future domestic wholly owned subsidiaries that
guarantee, or are borrowers under, the Senior Secured Credit Facilities. No funds will be lent or otherwise contributed by the selling stockholder in connection with the Brookfield Promissory Note. As
a result, we will receive no consideration in connection with its&nbsp;issuance. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Following
the issuance of the Brookfield Promissory Note, we plan to explore opportunities to refinance it with debt securities or other long-term debt to the extent available on attractive terms.
However, there can be no assurance that we will be able to refinance the Brookfield Promissory Note on commercially reasonable terms in the near term or at all. In addition, there can be no assurance
that the terms of any
such refinancing indebtedness (including the interest rate) will be as or more favorable to us as the corresponding terms under the Brookfield Promissory&nbsp;Note. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>The
Brookfield Promissory Note will be required to be repaid in amounts equal to 5% per annum of the original principal amount in equal quarterly installments over the life of the Brookfield
Promissory Note, with the remainder due at maturity. We will be permitted to make voluntary prepayments at any time without premium or penalty. We will be required to prepay the Brookfield Promissory
Note (without payment of a premium) based on our Excess Cash Flow (as&nbsp;defined in the 2018 Credit Agreement and the Brookfield Promissory Note) for each fiscal year commencing with our fiscal
year ending December&nbsp;31, 2019, payable at the option of the selling stockholder, after the required Excess Cash Flow prepayment of term loans under the 2018 Credit Agreement for such fiscal
year. The amount of Excess Cash Flow prepayments for the Brookfield Promissory Note for any fiscal year will be the lesser of (a)&nbsp;the amount of Excess Cash Flow not paid as a required
prepayment of the term loans for such fiscal year and (b)&nbsp;the amount of Excess Cash Flow applied as a required prepayment of the term loans for such fiscal year (without taking into account any
deductions to such amount required to prepay the 2018 Term Loans as a result of voluntary prepayments and scheduled amortization repayments of the 2018 Term Loans for such fiscal year). Any voluntary
prepayments and scheduled amortization repayments of the Brookfield Promissory Note will reduce the amount required to prepay the Brookfield Promissory Note based on our Excess Cash&nbsp;Flow. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
Brookfield Promissory Note will contain covenants that, among other things, limit our ability and that of certain of our subsidiaries to incur additional indebtedness, which will permit incurrence
of indebtedness for borrowed money only for: (i)&nbsp;existing indebtedness under the 2018 Term Loans; (ii)&nbsp;borrowings under the 2018 Revolving Facility; (iii)&nbsp;refinancing of
indebtedness existing under the 2018 Credit Agreement; and (iv)&nbsp;indebtedness incurred to refinance and repay the Brookfield Promissory Note in full. The Brookfield Promissory Note will also
contain covenants that, among other things, limit our ability and that of certain of our subsidiaries to (a)&nbsp;pay dividends or make other distributions or repurchase or redeem our capital stock;
(b)&nbsp;prepay, redeem or repurchase certain debt; (c)&nbsp;make investments; (d)&nbsp;sell assets; (e)&nbsp;incur liens; (f)&nbsp;enter into transactions with affiliates; (g)&nbsp;enter
into agreements restricting our subsidiaries' ability to pay dividends; and (h)&nbsp;consolidate, merge or sell all or substantially all of our assets. The Brookfield Promissory Note will not
contain any covenant to maintain a particular financial metric or ratio. The Brookfield Promissory Note will also contain events of default, including change of control provisions. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>90</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


</I></FONT><FONT SIZE=2><U>Fixed rate obligations</U> </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>As
of December&nbsp;31, 2017 and December&nbsp;31, 2016, approximately 83% and 75% of our debt, respectively, consisted of fixed rate or zero interest rate obligations. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2><I> Long-Term contractual, commercial and other obligations and commitments.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The following tables summarize our long-term contractual obligations and other commercial
commitments as of December&nbsp;31, 2017&nbsp;on:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> an actual basis; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> a pro&nbsp;forma basis to give effect (A)&nbsp;to (i)&nbsp;our entrance into the 2018 Credit Agreement and the borrowing of
$1,500&nbsp;million of 2018 Term Loans thereunder in February 2018; and (ii)&nbsp;the use of proceeds therefrom to, among other things, repay in full all outstanding indebtedness under the Old
Credit Agreement and redeem in full the Senior Notes at a redemption price of 101.594% of the principal amount thereof plus accrued and unpaid interest to the date of redemption; and (B)&nbsp;the
issuance of the Brookfield Promissory Note on or around May&nbsp;9, 2018. </FONT></DD></DL>
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<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


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<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


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</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
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</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


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<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


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<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=14 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>Payments Due by Year Ending December&nbsp;31, </B></FONT></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Total</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2018</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2019-2020</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2021-2022</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2023+</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


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<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


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 </B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


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 </B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


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</B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


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</B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2><B> </B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD COLSPAN=14 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>  (Dollars in thousands)</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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</FONT> <FONT SIZE=2><B>Contractual and Other Obligations</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Long-term debt(a)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>359,364</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>16,784</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>341,950</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>280</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>350</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 Interest on long-term debt(b)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>56,578</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>19,125</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>37,453</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Leases</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>6,188</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2,180</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2,646</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>713</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>649 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Total contractual obligations</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>422,130</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>38,089</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>382,049</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>993</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>999</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Postretirement, pension and related benefits(c)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>115,557</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>11,717</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>22,986</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>22,853</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>58,001</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Committed purchase obligations(d)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>17,935</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>17,935</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other long-term obligations</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>8,463</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>6,721</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>723</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>392</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>627</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Uncertain income tax provisions</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2,492</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>379</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>1,990</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>123</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151; </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total contractual and other obligations(e)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>566,577</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>74,841</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>407,748</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>24,361</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>59,627 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>Other Commercial Commitments</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Guarantees(f)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>525</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>525</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151; </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Total other commercial commitments</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>525</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>525</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151; </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
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 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>91</FONT></P>

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<!-- ZEQ.=6,SEQ=94,EFW="2235378",CP="GRAFTECH INTERNATIONAL LTD.",DN="1",CHK=661840,FOLIO='91',FILE='DISK103:[17ZDN4.17ZDN71304]DO71304A.;71',USER='RRICKEN',CD='19-APR-2018;09:32' -->
<A NAME="page_do71304_1_92"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><BR></FONT></P>
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<TD WIDTH="100.00%" style="font-family:arial;"><div style="width:100.00%;"></div></TD>
<TD WIDTH="8.0pt" style="font-family:arial;"><div style="width:8.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="42.24pt" style="font-family:arial;"><div style="width:42.24pt;"></div></TD>
<TD WIDTH="10.0pt" style="font-family:arial;"><div style="width:10.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="32.84pt" style="font-family:arial;"><div style="width:32.84pt;"></div></TD>
<TD WIDTH="10.0pt" style="font-family:arial;"><div style="width:10.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="40.26pt" style="font-family:arial;"><div style="width:40.26pt;"></div></TD>
<TD WIDTH="10.0pt" style="font-family:arial;"><div style="width:10.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="40.26pt" style="font-family:arial;"><div style="width:40.26pt;"></div></TD>
<TD WIDTH="10.0pt" style="font-family:arial;"><div style="width:10.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="40.42pt" style="font-family:arial;"><div style="width:40.42pt;"></div></TD>
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<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=14 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>Pro Forma Contractual Obligations </B></FONT></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=14 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>Payments Due by Year Ending December&nbsp;31, </B></FONT></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Total</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2018</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2019-2020</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2021-2022</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2023+</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>Contractual and Other Obligations</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pro forma long-term debt(g)(h)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>2,250,000</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>65,625</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>225,000</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>225,000</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>1,734,375</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Pro forma interest on long-term debt(g)(h)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>949,187</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>107,984</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>269,042</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>267,888</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>304,273</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Leases</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>6,188</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2,180</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2,646</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>713</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>649 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Total contractual obligations</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>3,205,375</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>175,789</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>496,668</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>493,601</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2,039,297</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Postretirement, pension and related benefits(c)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>115,557</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>11,717</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>22,986</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>22,853</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>58,001</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Committed purchase obligations(d)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>39,085</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>39,085</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other long-term obligations</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>8,463</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>6,721</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>723</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>392</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>627</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Uncertain income tax provisions</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2,492</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>379</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>1,990</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>123</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151; </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total contractual and other obligations(e)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>3,370,972</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>233,691</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>522,387</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>516,969</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>2,097,925 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>Other Commercial Commitments</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Guarantees(f)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>525</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>525</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151; </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
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</FONT></TD>
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</TR>

<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 Total other commercial commitments</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>525</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>525</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151; </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


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</FONT></TD>
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</FONT>
</TD>
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<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
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<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
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 <font></FONT></TD>
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</FONT></TD>
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 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
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<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(a)&nbsp;&nbsp;&nbsp;&nbsp;The
Senior Notes were redeemed on February&nbsp;12, 2018 (see note&nbsp;(g) below).  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(b)&nbsp;&nbsp;&nbsp;Represented
interest payments required on Senior Notes.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(c)&nbsp;&nbsp;&nbsp;&nbsp;Represents
estimated postretirement, pension and related benefits obligations based on actuarial calculations.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(d)&nbsp;&nbsp;&nbsp;Represents
commitments made for purchases related to our ongoing plant expansion projects and commitments for the purchase of raw materials.  </FONT></P>


<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(e)&nbsp;&nbsp;&nbsp;&nbsp;In
addition, letters of credit of $8.7&nbsp;million were issued under the Old Revolving Credit Facility as of December&nbsp;31,&nbsp;2017. These letters of credit were rolled
over to the 2018 Revolving Facility in February&nbsp;2018.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(f)&nbsp;&nbsp;&nbsp;&nbsp;Represents
surety bonds which are renewed annually. If rates were unfavorable, we would use letters of credit under our revolving facility.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(g)&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;12, 2018, the Company entered into the 2018 Credit Agreement, which provided for the 2018 Term Loan Facility and 2018 Revolving Credit Facility. On February 12,
2018, GrafTech Finance borrowed $1,500 million of 2018 Term Loans under the 2018 Term Loan Facility. The proceeds of the 2018 Term Loans were used, among other things, to pay off our outstanding debt,
including borrowings under the Old Credit Agreement and the Senior Notes and related interest. The 2018 Term Loans mature on February&nbsp;12, 2025 and bear interest at a rate equal to either the
Adjusted LIBO Rate, plus an applicable margin initially equal to 3.50% per annum, or the ABR Rate, plus an applicable margin initially equal to 2.50% per annum, in each case with one step down of
25&nbsp;basis points based on achievement of certain public ratings of the 2018 Term Loans (see&nbsp;"Liquidity and Capital Resources" for details). The pro&nbsp;forma interest on indebtedness
under the 2018 Credit Agreement was estimated using a monthly LIBOR yield curve through February 2025.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(h)&nbsp;&nbsp;&nbsp;Prior
to the consummation of this offering, we expect to declare a dividend in the form of the $750 million Brookfield Promissory Note to the selling stockholder. If issued, the
Brookfield Promissory Note will mature eight years from the date of issuance and will bear interest at a rate equal to the Adjusted LIBO Rate (as defined in the Brookfield Promissory Note) plus an
applicable margin equal to 4.50% per annum, with an additional 2.00% per annum starting from the third anniversary from the date of issuance. The pro forma interest on indebtedness under the
Brookfield Promissory Note was estimated using a monthly LIBOR yield curve through March 2026. </FONT></P>
 </DIV>
 <P style="font-family:arial;"><FONT SIZE=2><I> Off-Balance sheet arrangements and commitments.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We have not undertaken or been a party to any material off-balance-sheet financing arrangements or other
commitments (including non-exchange traded contracts), other than:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> The notional amount of foreign exchange and commodity contracts; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Commitments under non-cancelable operating leases that, as of December&nbsp;31, 2017, totaled no more than $2.2&nbsp;million in each year
and $6.2&nbsp;million in the aggregate and as of December&nbsp;31, 2017; </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>92</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=95,EFW="2235378",CP="GRAFTECH INTERNATIONAL LTD.",DN="1",CHK=422575,FOLIO='92',FILE='DISK103:[17ZDN4.17ZDN71304]DO71304A.;71',USER='RRICKEN',CD='19-APR-2018;09:32' -->
<A NAME="page_do71304_1_93"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Letters of credit outstanding under the Old Revolving Credit Facility of $8.7&nbsp;million as of December&nbsp;31, 2017 and
$12.3&nbsp;million as of December&nbsp;31, 2016 (these letters of credit were rolled over to the 2018 Revolving Facility in February 2018); and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Surety bonds and letters of credit with other banks totaling $0.5&nbsp;million. </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>We
are not affiliated with or related to any special purpose entity other than GrafTech Finance. </FONT></P>

<P style="font-family:arial;;margin-left:12.0pt;text-indent:-12.0pt;"><FONT SIZE=3><B>


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Costs relating to protection of the environment  </B></FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>We have been and are subject to increasingly stringent environmental protection laws and regulations. In addition, we have an on-going
commitment to rigorous internal environmental protection standards. Environmental considerations are part of all significant capital expenditure decisions.
The following table sets forth certain information regarding environmental expenses and capital expenditures. </FONT></P>
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<TD WIDTH="100.00%" style="font-family:arial;"><div style="width:100.00%;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="24.04pt" style="font-family:arial;"><div style="width:24.04pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="22.16pt" style="font-family:arial;"><div style="width:22.16pt;"></div></TD>
<TD WIDTH="26.0pt" style="font-family:arial;"><div style="width:26.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="23.08pt" style="font-family:arial;"><div style="width:23.08pt;"></div></TD>
<TD WIDTH="12pt" style="font-family:arial;"><div style="width:12pt;"></div></TD>
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<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


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</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


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</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


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</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=8 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>For the year ended<BR>
December&nbsp;31, </B></FONT></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2017</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2016</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2015</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD COLSPAN=10 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>  (Dollars&nbsp;in&nbsp;thousands)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 Expenses relating to environmental protection</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>7,973</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>8,255</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>6,507</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Capital expenditures related to environmental protection</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2,080</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>1,693</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2,082 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
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Critical accounting policies  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Critical accounting policies are those that require difficult, subjective or complex judgments by management, often as a result of the need to
make estimates about the effect of matters that are inherently uncertain and may change in subsequent periods. We use and rely on estimates in determining the economic useful lives of our assets,
obligations under our employee benefit plans, provisions for doubtful accounts, provisions for restructuring charges and contingencies, tax valuation allowances, evaluation of goodwill, other
intangible assets, pension and postretirement benefit obligations and various other recorded or disclosed amounts, including inventory valuations. Estimates require us to use our judgment. While we
believe that our estimates for these matters are reasonable, if the actual amount is significantly different than the estimated amount, our assets, liabilities or results of operations may be
overstated or understated. The following accounting policies are deemed to be critical. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> Business combinations and goodwill.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The application of the purchase method of accounting for business combinations requires the use of significant estimates and
assumptions in the determination of the fair value of assets acquired and liabilities assumed in order to properly allocate purchase price consideration between goodwill and assets that are
depreciated and amortized. Our estimates of the fair values of assets and liabilities acquired are based on assumptions believed to be reasonable and, when appropriate, include assistance from
independent third-party appraisal firms. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>As
a result of our acquisition by Brookfield, we have a significant amount of goodwill. Goodwill is tested for impairment annually or more frequently if an event or circumstance indicates that an
impairment loss may have been incurred. Application of the goodwill impairment test requires judgment, including the identification of reporting units, assignment of assets and liabilities to
reporting units, assignment of goodwill to reporting units and determination of the fair value of each reporting unit. We estimate the fair value of each reporting unit using a discounted cash flow
methodology. This requires us to use significant judgment including estimation of future cash flows, which is based upon relevant market data, internal </FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>forecasts,
estimation of the long-term growth for our business, the useful life over which cash flows will occur and determination of the weighted average cost of capital for purposes of establishing
a discount rate. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>As
a result of our ongoing monitoring of triggering events, we recorded a goodwill impairment charge in our petroleum needle coke reporting unit totaling $35.4&nbsp;million during the first quarter
of 2015. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Refer
to Note&nbsp;1, Business and Summary of Significant Accounting Policies, of the Notes to the Consolidated Financial Statements included elsewhere in this prospectus for information regarding
our goodwill impairment testing. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> Employee benefit plans.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We sponsor various retirement and pension plans, including defined benefit and defined contribution plans and postretirement benefit plans
that cover most employees worldwide. Excluding the defined contribution plans, accounting for these plans requires assumptions as to the discount rate, expected return on plan assets, expected salary
increases and health care cost trend rate. See Note&nbsp;12, Retirement Plans and Postretirement Benefits, of the Notes to the Consolidated Financial Statements included elsewhere in this prospectus
for further details. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> Impairments of long-lived assets.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We record impairment losses on long-lived assets used in operations when events and circumstances indicate that the assets might
be impaired and the future undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. Assets to be disposed are reported at the lower of the
carrying amount or fair value less estimated costs to sell. Estimates of the future cash flows are subject to significant uncertainties and assumptions. If the actual value is significantly less than
the estimated fair value, our assets may be overstated. Future events and circumstances, some of which are described below, may result in an impairment
charge:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> new technological developments that provide significantly enhanced benefits over our current technology; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> significant negative economic or industry trends; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> changes in our business strategy that alter the expected usage of the related assets; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> future economic results that are below our expectations used in the current assessments. </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2><I> Accounting for income taxes.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;When we prepare the Consolidated Financial Statements, we are required to estimate our income taxes in each of the jurisdictions in
which we operate. This process requires us to make the following assessments:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> estimate our actual current tax liability in each jurisdiction; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> estimate our temporary differences resulting from differing treatment of items for tax and accounting purposes (which result in deferred tax
assets and liabilities that we include within the Consolidated Balance Sheets); and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> assess the likelihood that our deferred tax assets will be recovered from future taxable income and, if we believe that recovery is not more
likely than not, a valuation allowance is established. </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>If
our estimates are incorrect, our deferred tax assets or liabilities may be overstated or understated. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>As
of December&nbsp;31, 2017, we had a valuation allowance of $150.8&nbsp;million against certain deferred tax assets. Our losses in certain tax jurisdictions in recent periods represented
sufficient negative evidence to </FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>require
a full valuation allowance. Until we determine that we will generate sufficient jurisdictional taxable income to realize our net operating losses and deferred tax assets, we continue to
maintain a valuation allowance. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> Revenue recognition.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Revenue from sales of our commercial products is recognized when persuasive evidence of an arrangement exists, delivery has occurred, title
has passed, the amount is determinable and collection is reasonably assured. Sales are recognized when both title and the risks and rewards of ownership are transferred to the customer or services
have been rendered and fees have been earned in accordance with the contract. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Volume
discounts and rebates are recorded as a reduction of revenue in conjunction with the sale of the related products. Changes to estimates are recorded when they become probable. Shipping and
handling revenues relating to products sold are included as an increase to revenue. Shipping and handling costs related to products sold are included as an increase to cost of sales. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>We
are adopting FASB ASC 606 effective January&nbsp;1, 2018 and have elected the modified retrospective transition method. Under this method, any cumulative effect of applying the new revenue
standard for contracts not yet complete is recorded as an adjustment to the opening balance of retained earnings as of the beginning of 2018. The comparative information for prior years will not be
revised and will continue to be reported under the accounting standards in effect for the period presented. See "&#151;Recent Accounting Pronouncements." </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Under
ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in
exchange for those goods or services. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>To
determine revenue recognition for arrangements that we determine are within the scope of ASC 606, the following five steps are performed: (i)&nbsp;identify the contract(s) with a customer;
(ii)&nbsp;identify the performance obligations in the contract; (iii)&nbsp;determine the transaction price; (iv)&nbsp;allocate the transaction price to the performance obligations in the
contract; and (v)&nbsp;recognize revenue when (or as) we satisfy a performance obligation. We only apply the five-step model to contracts when it is probable that we will collect the consideration
we are entitled to in exchange for the goods or services we transfer to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, we assess the goods or
services promised within each contract and determine those that are performance obligations, and assess whether each promised good or service is distinct. We then recognize as revenue the amount of
the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
2018, our revenue streams are expected to consist of three- to five-year take-or-pay supply contracts and short-term binding and non-binding purchase orders (deliveries within the year) directly
with steel manufacturers. In 2017, our revenue streams consisted primarily of annual non-binding purchase orders. The promises of delivery of graphite electrodes represent the distinct performance
obligations to which the contract consideration is allocated, based upon the electrode stand-alone selling prices for the class of customers at the time the agreements are entered into. The
performance obligations are considered to be satisfied at a point in time when control of the electrodes has been transferred to the customer. The company has elected to treat the transportation of
the electrodes from our premises to the customer's facilities as a fulfilment activity, and outbound freight cost is accrued when the graphite electrode performance obligation is satisfied. Any
variable consideration is recognized up to its unconstrained </FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>amount,
i.e.,&nbsp;up to the amount for which it is probable that a significant reversal of the variable revenue will not happen. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> Discontinued operations and assets held for sale.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;When management commits to a plan to sell assets or asset groups and a sale is probable, we reclassify those
assets or asset groups into "Assets Held for Sale." Upon reclassification to assets held for sale, we evaluate the book value of the disposal groups against their fair value, less costs to sell, and
as a result may impair the assets or asset groups. As and if new information becomes available on the fair value of the assets or asset groups, we may adjust the
impairment accordingly. For example, during 2016, we evaluated the fair value of the Engineered Solutions business segment utilizing the market approach (Level&nbsp;3 measure). As a result, we
incurred an impairment charge to our Engineered Solutions business segment of $119.9&nbsp;million to align the carrying value with estimated fair value. We continued to update this estimate and
during 2017, we further reduced the estimated fair value by $5.3&nbsp;million based upon current information. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Once
the assets of a business have been classified as held for sale, we evaluate if the divestiture represents a strategic shift in operations and if so, we exclude the results of this business from
continuing operations. All results are reported as gain or loss from discontinued operations, net of tax. During the second quarter of 2016, our Engineered Solutions segment qualified as discontinued
operations and as such, all results from that segment have been excluded from operations. See Note&nbsp;3, Discontinued Operations and Related Assets Held for Sale, of the Notes to the Consolidated
Financial Statements included elsewhere in this prospectus. </FONT></P>

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Recent accounting pronouncements  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In August&nbsp;2017, the FASB issued Accounting Standards Update (ASU) No.&nbsp;2017-12, </FONT><FONT SIZE=2><I>Derivatives
and&nbsp;Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities</I></FONT><FONT SIZE=2>. The new standard simplifies hedge accounting through changes to both designation and
measurement requirements. For hedges that qualify as highly effective, the new standard eliminates the requirement to separately measure and record hedge ineffectiveness resulting in better alignment
between the presentation of the effects of the hedging instrument and the hedged item in the financial statements. We elected to early adopt ASU No.&nbsp;2017-12 for the year ended
December&nbsp;31, 2017. The adoption of this standard required retrospective adoption, but did not impact prior-period financial results. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
May 2014, the FASB issued ASU No.&nbsp;2014-09, </FONT><FONT SIZE=2><I>Revenue from Contracts with Customers (Topic&nbsp;606)</I></FONT><FONT SIZE=2>. This ASU supersedes the revenue
recognition requirements in Accounting Standards Codification 605&#151;</FONT><FONT SIZE=2><I>Revenue Recognition</I></FONT><FONT SIZE=2> and most industry-specific guidance throughout the
Codification. This ASU requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity
expects to be entitled in exchange for those goods or services. This ASU was expected to be effective for fiscal years beginning after December&nbsp;15, 2016, and for interim periods within those
fiscal years. On July&nbsp;9, 2015, the FASB deferred the effective date to fiscal years beginning after December&nbsp;15, 2017. During the fourth quarter of 2017, we substantially completed our
evaluation of the new standard and the related assessment and review of a representative sample of existing revenue contracts with our customers including our new three-to-five year take-or-pay
agreements. We determined that this standard will not have a material impact on our consolidated financial statements. We adopted this standard effective as of January&nbsp;1, 2018 using the
modified retrospective method. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
February 2016, the FASB issued ASU No.&nbsp;2016-02, </FONT><FONT SIZE=2><I>Leases (Topic 842)</I></FONT><FONT SIZE=2>. Under this new guidance, a company will now recognize most leases on its
balance sheet as lease liabilities with corresponding right-of-use assets. This ASU is effective for fiscal years beginning after December&nbsp;15, 2018. The Company </FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>has
compiled its lease inventory and is currently evaluating the contracts and the impact of the adoption of this standard on its financial position, results of operations or cash flows. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
August&nbsp;2016 the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic&nbsp;230), Classification of Certain Cash Receipts and Payments" (ASU 2016-15), clarifying guidance on the
classification of certain cash receipts and payments in the statement of cash flows. The adoption of ASU 2016-15 on January&nbsp;1, 2018 is not expected to have a material impact on our consolidated
financial statements. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
January 2017, the FASB issued ASU No.&nbsp;2017-04 </FONT><FONT SIZE=2><I>Intangibles&#151;Goodwill and Other (Topic 350)</I></FONT><FONT SIZE=2>. This guidance was issued to simplify the
accounting for goodwill impairment. The guidance removes the second step of the goodwill impairment test, which requires that a hypothetical purchase price allocation be performed to determine the
amount of impairment, if any. Under this new guidance, a goodwill impairment charge will be based on the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the
carrying amount of goodwill. The guidance will become effective on a prospective basis for the Company on January&nbsp;1, 2020 with early adoption permitted for interim or annual goodwill impairment
tests performed on testing dates after January&nbsp;1, 2017. The Company is currently evaluating the impact of the adoption of this standard on its results of operations. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
March 2017, the FASB issued ASU No.&nbsp;2017-07, </FONT><FONT SIZE=2><I>Compensation-Retirement Benefits (Topic 715)</I></FONT><FONT SIZE=2>. This standard requires an entity to report the
service cost component in the same line item as other compensation costs. The other components of net (benefit) cost including our annual mark-to-market re-measurement will be presented in the income
statement separately from the service cost component and outside a subtotal of income from operations. The adoption of ASU No.&nbsp;2017-07 on January&nbsp;1, 2018 will change the presentation of,
but is not expected to have a material impact on our consolidated financial statements. The components of the net (benefit) cost are shown in Note&nbsp;12, "Retirement Plans and Postretirement
Benefits." </FONT></P>

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Quantitative and qualitative disclosures about market risk  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We are exposed to market risks, primarily from changes in interest rates, currency exchange rates, energy commodity prices and commercial
energy rates. From time to time we enter into transactions that have been authorized according to documented policies and procedures in order to manage these risks. These transactions relate primarily
to financial instruments described below. Since the counterparties to these financial instruments are large commercial banks and similar financial institutions, we do not believe that we are exposed
to material counterparty credit risk. We do not use financial instruments for trading purposes. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our
exposure to changes in interest rates results primarily from floating rate long-term debt tied to LIBOR or Euro LIBOR. Our exposure to changes in currency exchange rates results primarily
from:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> sales made by our subsidiaries in currencies other than local currencies; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> raw material purchases made by our foreign subsidiaries in currencies other than local currencies; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> investments in and intercompany loans to our foreign subsidiaries and our share of the earnings of those subsidiaries, to the extent
denominated in currencies other than the U.S. dollar. </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>Our
exposure to changes in energy commodity prices and commercial energy rates results primarily from the purchase or sale of refined oil products and the purchase of natural gas and electricity for
use in our manufacturing operations. </FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2><I> Currency rate management.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We enter into foreign currency derivatives from time to time to attempt to manage exposure to changes in currency exchange rates. These
foreign currency derivatives, which include, but are not limited to, forward exchange contracts and purchased currency options, attempt to hedge global currency exposures. Forward exchange contracts
are agreements to exchange different currencies at a specified future date and at a specified rate. Purchased currency options are instruments which give the holder the right, but not the obligation,
to exchange different currencies at a specified rate at a specified date or over a range of specified dates. Forward exchange contracts and purchased currency options are carried at market value. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
outstanding foreign currency derivatives as of December&nbsp;31, 2017 represented a net unrealized loss of $0.1&nbsp;million and a loss of $0.2&nbsp;million as of December&nbsp;31, 2016. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> Energy commodity management.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We have entered into commodity derivative contracts to effectively fix some or all of our exposure to refined oil products. The
outstanding commodity derivative contracts represented a net unrealized gain of $4.7&nbsp;million as of December&nbsp;31, 2017. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> Interest rate risk management.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We periodically implement interest rate management initiatives to seek to minimize our interest expense and the risk in our
portfolio of fixed and variable interest rate obligations. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
periodically enter into agreements with financial institutions that are intended to limit our exposure to additional interest expense due to increases in variable interest rates. These instruments
effectively cap our interest rate exposure. We currently do not have any such instruments outstanding. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2><I> Sensitivity analysis.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We use sensitivity analysis to quantify potential impacts that market rate changes may have on the underlying exposures as well as on the
fair values of our derivatives. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
sensitivity analysis for the derivatives represents the hypothetical changes in value of the hedge position and does not reflect the related gain or loss on the forecasted underlying transaction.
As of December&nbsp;31, 2017, a 10% appreciation or depreciation in the value of the U.S. dollar against foreign currencies from the prevailing market rates would result in a corresponding decrease
of $0.7&nbsp;million or a corresponding increase of $0.7&nbsp;million, respectively, in the fair value of the foreign currency hedge portfolio. A 10% increase or decrease in the value of the
underlying commodity prices that we hedge would result in a corresponding increase or decrease of $14.4&nbsp;million in the fair value of the commodity hedge portfolio as of December&nbsp;31,
2017. Because of the high correlation between the hedging instrument and the underlying exposure, fluctuations in the value of the instruments are generally offset by reciprocal changes in the value
of the underlying exposure. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
had no interest rate derivative instruments outstanding as of December&nbsp;31, 2017. A hypothetical increase in interest rates of 100 basis points (1%) would have increased our interest expense
by $0.9&nbsp;million for the year ended December&nbsp;31, 2017. </FONT></P>


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Jumpstart Our Business Startups Act of 2012  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We qualify as an "emerging growth company" as defined in Section&nbsp;2(a) of the Securities Act, as modified by the JOBS Act. As an
emerging growth company, we may take advantage of specified reduced disclosure and other requirements that are otherwise applicable generally to public companies, which are not emerging growth
companies. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
may take advantage of these exemptions until such time that we are no longer an emerging growth company. We will remain an "emerging growth company" until the earliest of (1)&nbsp;the last day of
the fiscal year following the fifth anniversary of the completion of this offering, (2)&nbsp;the last day of the fiscal year in </FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>which
we have total annual gross revenue of at least $1.07&nbsp;billion, (3)&nbsp;the date on which we are deemed to be a large accelerated filer under the Securities Exchange Act of 1934, which
means the market value of our common stock that is held by non-affiliates exceeds $700.0&nbsp;million as of the prior June&nbsp;30, and (4)&nbsp;the
date on which we have issued more than $1.0&nbsp;billion in non-convertible debt during the prior three-year period. We have taken advantage of reduced disclosure regarding executive compensation
arrangements in this prospectus, and we may choose to take advantage of some but not all of these reduced disclosure obligations in future filings. If we do, the information that we provide to
stockholders may be different than you might get from other public companies in which you hold stock. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Under
the JOBS Act, emerging growth companies can also delay adopting new or revised accounting standards until such time as those standards apply to private companies. We have irrevocably elected not
to avail ourselves of this exemption from new or revised accounting standards and, therefore, will be subject to the same new or revised accounting standards as other public companies that are not
emerging growth companies. </FONT></P>

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Business    <BR>  </B></FONT></P>

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Our company  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We are a leading manufacturer of high quality graphite electrode products essential to the production of EAF steel and other ferrous and
non-ferrous metals. We believe that we have the most competitive portfolio of low-cost graphite electrode manufacturing facilities in the industry, including three of the five highest capacity
facilities in the world (excluding China). We are the only large scale graphite electrode producer that is substantially vertically integrated into petroleum needle coke, the primary raw material for
graphite electrode manufacturing, which is currently in limited supply. This unique position provides us with competitive advantages in product quality and cost. Founded in 1886, we have over
125&nbsp;years of experience in the R&amp;D of graphite- and carbon-based solutions, and our intellectual property portfolio is extensive. We currently have graphite electrode manufacturing facilities
in Calais, France, Pamplona, Spain, Monterrey, Mexico and St.&nbsp;Marys, Pennsylvania. Our customers include major steel producers and other ferrous and non-ferrous metal producers in EMEA, the
Americas and APAC, which sell their products into the automotive, construction, appliance, machinery, equipment and transportation industries. Our vision is to be the lowest cost, highest quality
producer of graphite electrodes while providing the best customer service. Based on the high quality of our graphite electrodes, reliability of our petroleum needle coke supply and our excellent
customer service, we believe that we are viewed as the preferred supplier to the global EAF steel producer market. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Graphite
electrodes are an industrial consumable product used primarily in EAF steel production, one of the two primary methods of steel production and the steelmaking technology used by all
"mini-mills." Electrodes act as conductors of electricity in the furnace, generating sufficient heat to melt scrap metal, iron ore or other raw materials used to produce steel or other metals. We
estimate that, on average, the cost of graphite electrodes represents only approximately 1% to 5% of the total production cost of steel in a typical EAF, but they are essential to EAF steel
production. Graphite electrodes are currently the only known commercially available products that have the high levels of electrical conductivity and the capability to sustain the high levels of heat
generated in EAF steel production. As a result, EAF steel manufacturers have been willing to pay a premium for a reliable supply of high quality graphite electrodes, and, in some cases, to pass on
this premium to their customers in the form of surcharges. Graphite electrodes are also used in steel refining in ladle furnaces and in other processes, such as the production of titanium dioxide,
stainless steel, aluminum, silicon metals and other ferrous and non-ferrous metals. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Petroleum
needle coke, a crystalline form of carbon derived from decant oil, is the primary raw material used in the production of graphite electrodes. We achieved substantial vertical integration
with this critical raw material source through our acquisition of Seadrift in November 2010, significantly reducing our reliance on other suppliers. The petroleum needle coke industry is highly
concentrated, with what we believe to be the largest producer, Phillips 66, controlling approximately&nbsp;50% of capacity. We believe Seadrift is the second largest petroleum needle coke producer
in the world. We also believe that the quality of Seadrift's petroleum needle coke is superior for graphite electrode production compared to most of the petroleum needle coke available to our peers on
the open market, allowing us to produce higher quality electrodes in a cost-efficient manner. Additionally, we believe that this vertical integration provides
a significant cost advantage relative to our competitors in periods of tight petroleum needle coke supply, such as the current market environment. We believe this cost advantage will grow as demand
for petroleum needle coke increases for use in lithium-ion batteries in electric vehicles. The demand for petroleum needle coke in lithium-ion batteries is growing rapidly, with usage going from
approximately&nbsp;1,000&nbsp;MT in 2014 to 60,000&nbsp;MT in 2017 (representing approximately&nbsp;9% of 2017 petroleum </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>100</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>needle
coke demand). This rapidly growing alternative source of demand is a significant development for the petroleum needle coke industry and is contributing to the global shortage in petroleum
needle&nbsp;coke. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>According
to the WSA, EAFs accounted for 45%, or 367&nbsp;million MT, of global crude steel production (excluding China) in 2016. Between 1984 and 2011, EAF steelmaking was the fastest-growing
segment of the steel sector, with production increasing at an average rate of 3.5% per year, based on WSA data. Historically, EAF steel production has grown faster than the overall steel market due to
the greater resilience, more variable cost structure, lower capital intensity and more environmentally friendly nature of EAF steelmaking. This trend was partially reversed between 2011 and 2015 due
to global steel production overcapacity driven largely by Chinese BOF steel production. Beginning in 2016, efforts by the Chinese government to restructure China's domestic steel industry have led to
limits on Chinese BOF steel production and lower export levels. In addition, developed economies, which typically have much larger EAF steel industries, have instituted a number of trade policies in
support of domestic steel producers. As a result, since 2016, the EAF steel market has rebounded strongly and resumed its long-term growth trajectory. This revival in EAF steel production has resulted
in increased demand for our graphite electrodes. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>At
the same time, two supply-side structural changes have contributed to recent record high prices of graphite electrodes. First, ongoing consolidation and rationalization of graphite electrode
production capacity have limited the ability of graphite electrode producers to meet demand. We estimate that approximately 20% of graphite electrode industry production capacity (excluding China) has
been closed or repurposed since the beginning of 2014, and we believe the majority of these closures represent permanent reductions. Second, demand for petroleum needle coke has outpaced supply due to
increasing demand for petroleum needle coke for lithium-ion batteries used in electric vehicles. As a result, graphite electrode prices have recently reached record high prices. Historically, between
2006 and 2016, our weighted average realized price of graphite electrodes was approximately $4,500 per MT (on an inflation-adjusted basis using constant 2017 dollars) and fell to a historic low of
approximately $2,500 per MT in 2016. With the renewed demand for, and constrained supply of, graphite electrodes, industry spot prices reached record levels of as high as $15,000 to $30,000 per MT in
the first quarter of 2018. In light of improved market conditions, the long lead time required to produce our products, our position as one of the market's largest producers and our ability, through
our substantial vertical integration with Seadrift, to provide customers with a reliable long-term supply of graphite electrodes despite the market shortage of
petroleum needle coke, we have implemented a new commercial strategy to sell 60% to 65% of our production capacity to our strategic customers through three- to five-year take-or-pay contracts. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>101</FONT></P>

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<U>GrafTech historical weighted average realized prices and signed three- to five-year weighted
average contract prices for graphite electrodes</U>  </B></FONT></P>

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<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(1)&nbsp;&nbsp;&nbsp;&nbsp;Weighted average realized price for a period reflects the total revenues from sales of graphite electrodes for the period divided by the graphite
electrode sales volume for that period. The weighted average realized prices in this chart are shown in constant 2017 dollars for comparability. See "Management's Discussion and Analysis of Financial
Condition and Results of Operations&#151;Key Operating Metrics."  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(2)&nbsp;&nbsp;&nbsp;&nbsp;Weighted
average contract price for a period reflects the volume-weighted average price for graphite electrodes to be delivered under the three- to five-year take-or-pay contracts we
have entered into as of March&nbsp;1, 2018. All of these contracts have fixed prices and either fixed volumes (85% of the portfolio) or a specified volume range (15% of the portfolio). For those
contracts with a specified volume range, weighted average contract prices are computed using the volume midpoint. The aggregate difference between the volume midpoint and the minimum and maximum
volumes across our cumulative portfolio of take-or-pay contracts with specified volume ranges is approximately 5,000 MT per year in 2019-2022. See "Business&#151;Contracts
and&nbsp;Customers." </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>As a leading producer of graphite electrodes, we believe we are well-positioned to benefit from this industry transformation. In 2017, based on our three
currently operating facilities, we had the capability, depending on product demand and mix, to manufacture approximately 167,000 MT of graphite electrodes per year. We are also in the process of an
operational improvement and debottlenecking initiative and are on target to grow our production capacity at these facilities by approximately 21% to approximately 202,000 MT of production capacity by
the end of 2018. If we were then to restart our currently idled St.&nbsp;Marys facility, our overall production capacity would increase by another approximately 14% to 230,000 MT per year. This
total production capacity would be comparable to our largest competitor, which we estimate currently has a total of approximately 230,000 MT of production capacity (excluding China). We believe the
total worldwide graphite electrode production capacity was approximately 800,000 MT (excluding China), with a capacity utilization of approximately 90% (excluding China), in 2017. Electrode production
globally (excluding China) is focused on the manufacture of UHP electrodes for EAFs, while the majority of Chinese production is of ladle electrodes for BOFs. The production of UHP electrodes requires
an extensive proprietary manufacturing process and material science knowledge, including the use of superior needle coke blends. As a result, graphite electrode producers inside and outside of China
are generally not in direct competition with each other for major product lines. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>On
August&nbsp;15, 2015, we became an indirect wholly owned subsidiary of Brookfield through a tender offer to shareholders and subsequent merger transaction. Brookfield is an experienced operator
of industrial, natural resource and other tangible asset businesses. This transaction has provided us with a stable equity partner with experience in industrial sectors. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>102</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>Our
executive offices are located at 982 Keynote Circle, Brooklyn Heights, Ohio 44131 and our telephone number is (216)&nbsp;676-2000. Our Internet website address is www.graftech.com. Information
on, or accessible through, our website is not part of this prospectus. We have included our website address only as an inactive textual reference and do not intend it to be an active link to our
website. </FONT></P>

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Key developments  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Three major developments have repositioned GrafTech and the graphite electrode industry for long-term growth and significantly improved our
financial and operating results:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the restructuring and repositioning of GrafTech; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the return of the EAF steel industry to long-term growth, leading to improved demand for graphite electrodes; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> structural changes in the graphite electrode and petroleum needle coke industries. </FONT></DD></DL>

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We have restructured and repositioned GrafTech for a sustainable leadership position in the graphite
electrode industry  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Since 2012, we have executed a three-part transformation plan to improve our competitive position and allow us to better serve our customers. </FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>



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We have achieved annual fixed manufacturing cost improvements and capital expenditure reductions of
approximately $190&nbsp;million since 2012, while also improving the productivity of our plant network  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We have strategically shifted production from our lowest to our highest production capacity facilities to increase fixed cost absorption. In 2018, we expect
to produce a greater quantity of graphite electrodes from our three operating facilities in Calais, France, Pamplona, Spain and Monterrey, Mexico, than we did from our six operating facilities in
2012. As a result, we have achieved significant operating leverage at higher capacity utilizations. In our experience, high capacity manufacturing facilities can have operating costs of more than
$1,000 per MT lower than low capacity manufacturing facilities. In addition, we have streamlined fixed costs across our plant network, including a 50% headcount reduction
at Seadrift since 2014 and an optimization of Seadrift's systems and manufacturing process to reduce capital expenditure requirements. As a result of these actions, by the end of 2016, we had reduced
our annual fixed manufacturing costs by approximately $80&nbsp;million and our maintenance capital expenditure requirements by approximately $45&nbsp;million since 2012. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>By
the end of 2016, we had also reduced our annual overhead expenses by approximately $65&nbsp;million since 2012 by simplifying our corporate structure from a conglomerate model to a centralized
business focused exclusively on the production of graphite electrodes and petroleum needle coke. In addition, we have streamlined and combined our workforce and various administrative functions for
efficiency, and eliminated R&amp;D functions unrelated to graphite electrodes. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
addition to our fixed cost reductions, we have been able to achieve significant productivity improvements and variable cost reductions across our plants since 2014. We have improved our
manufacturing processes and made strategic investments across our plant network, which have improved productivity, including improvements of approximately 20% at both our Seadrift and Monterrey
plants, while also reducing our energy and raw material consumption. Our more efficient graphite electrode plants produced at record breaking levels in 2017. In 2017, the Calais and Pamplona plants
exceeded previous annual record production levels by 15% and 12%, respectively, and production at the Monterrey plant was </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>103</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>12%
higher than the highest annual production level during the past 10 years. We have achieved these production increases by exploiting latent capacity in our plants, which historically have had
uneven levels of capacity across each manufacturing process step, by removing artificial constraints on cycle times and improving scheduling processes. The next stage of our operational improvement
and debottlenecking initiative is a small capital program concentrated on the graphitizing stage of production at our plants, which we expect will increase our current operating capacity by
approximately 21%, or 35,000 MT, by the end of 2018, allowing us to achieve further improvements in our cost structure. As a result of our prior operational improvement activities, we are able to
achieve this large capacity increase with specific, highly targeted capital investments. We expect the capital investment for this initiative to be $37&nbsp;million. We believe that the optimization
of our plant network will continue to drive improved fixed cost absorption and meaningfully lower variable costs. </FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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We have reoriented our commercial strategy  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In light of improved market conditions, the long lead time required to produce our products, our position as one of the market's largest producers and our
ability, through our substantial vertical integration with Seadrift, to provide customers with a reliable long-term supply of graphite electrodes despite the market shortage of petroleum needle coke,
we have implemented a new commercial strategy to sell approximately 60% to 65% of our production capacity to our strategic customers through three- to five-year take-or-pay contracts. These contracts
define volumes and prices, along with price-escalation mechanisms for inflation, and include significant termination payments (typically, 50% to 70% of remaining contracted revenue) and, in certain
cases, parent guarantees and collateral arrangements to manage our customer credit risk. These new commercial initiatives have led to approximately 636,000&nbsp;MT, or 60% to 65% of our cumulative
production capacity from 2018 to 2022, being contracted as of March&nbsp;1, 2018. Approximately 132,000&nbsp;MT of this contracted volume is for 2018. Together with sales volume committed by
purchase orders, approximately 96% of our 2018 production capacity is contracted or committed by purchase orders. For future years, our strategy is to retain approximately 35% to&nbsp;40% of our
production capacity for sales on a shorter term or spot basis. Prices in the spot market have currently reached a level three to six times higher than our historical weighted average realized price of
$4,500 per MT (on an inflation-adjusted basis using constant 2017 dollars) between 2006 and 2016. We expect the incremental volume from our operational improvement and debottlenecking initiative to be
available to customers on a spot basis, further increasing our exposure to spot prices. Seadrift produces sufficient needle coke to supply 100% of the graphite electrode production that we have
contracted under our new take-or-pay contracts. In the first quarter of 2018, the estimated cost of goods sold (excluding depreciation) for electrodes produced with Seadrift needle coke is
approximately $2,600/MT and the estimated variable cost (excluding needle coke and decant oil) is approximately $1,150/MT. To align with our three- to five-year contract profile, we have hedged the
decant oil required to produce all of the graphite electrodes sold under these contracts, providing us with substantial visibility into our future raw material costs. We intend to match the volume and
term of our shorter term and spot sales with our third party needle coke purchases. As our currently operating facilities are now operating at or near full production capacity, we also have reviewed
our product portfolio and restructured our sales force incentives to maximize the profitability of our product mix. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>104</FONT></P>

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<U>Management estimates of Q1 2018 graphite electrode all-in cost of goods sold (COGS) using
petroleum needle coke produced at Seadrift compared to the market price of one MT of petroleum needle coke</U>  </B></FONT></P>

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<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(1)&nbsp;&nbsp;&nbsp;&nbsp;COGS excludes depreciation and amortization </FONT></P>

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We are focused on being the industry's leading producer of the highest performing electrodes  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The divestiture of our non-core legacy Engineered Solutions businesses in 2016 and 2017 has allowed our management team to focus on our core competency of
graphite electrode production and generated approximately $60&nbsp;million in cash proceeds and release of working capital. By focusing our management's attention and R&amp;D spending exclusively on the
graphite electrode business, we have been able to meaningfully improve the quality of our graphite electrodes, repositioning ourselves as an industry quality leader and improving our relationships
with strategic customers. Our focus on improving the quality of petroleum needle coke through R&amp;D has led to our petroleum needle coke production at Seadrift now being best-in-class for use in the
manufacturing of highly durable UHP electrodes. Our customers have responded favorably to the increased quality of our graphite electrodes, and we have increased our market share with leading EAF
steel manufacturers as a result. </FONT></P>

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The EAF steel industry has strengthened, improving demand for our graphite electrodes  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Historically, EAF steel production has grown faster than the overall steel market due to the greater resilience, more variable cost structure,
lower capital intensity and more environmentally friendly nature of EAF steelmaking. This trend was partially reversed between 2011 and 2015 due to global steel production overcapacity driven largely
by Chinese BOF steel production. Beginning in 2016, efforts by the Chinese government to eliminate excess steelmaking production capacity and improve environmental and health conditions have led to
limits on Chinese BOF steel production, including the closure of over 200&nbsp;million MT of its steel production capacity, based on data from S&amp;P Global Platts and the Ministry of Commerce of the
People's Republic of China. In 2017, Chinese steel exports fell by more than 30% from 2016, including 17 consecutive months of year-over-year declines, according to the National Bureau of Statistics
of China. Reflecting the reduction in steelmaking production capacity, as of October 2017, Chinese steel imports had </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>105</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>increased
significantly year-over-year, including a 64% year-over-year increase in semi-finished steel billet imports. Further, developed economies, which typically have much larger EAF steel
industries, have instituted a number of trade policies in support of domestic steel producers. Declining Chinese steel exports and increasing steel imports should provide additional opportunity for
EAF producers outside of China to increase production, thereby increasing demand for graphite electrodes. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
estimate that in 2017, EAF steel production grew at an annual pace of at least 8% to 10%, compared with 5% for steelmaking overall. We believe EAF steel producers will continue to take market share
from BOF steel producers. As of 2016, according to the WSA, EAF steel production had grown to 67% of total U.S. steel production from 47% in 2000, 44% of total EMEA steel production from 33% in 2000
and 40% of total APAC (excluding China) steel production from 36% in 2000. Over the same period, global EAF production increased from 287&nbsp;million MT in 2000 to 418&nbsp;million MT in 2016,
while non-EAF steel production (excluding China) was flat at 453&nbsp;million MT in both 2000 and 2016. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
estimate that at least 105 new EAFs, reflecting 66&nbsp;million MT of new annual steelmaking production capacity, have been installed or have commenced construction in China in 2017, compared to
only 52&nbsp;million MT of Chinese EAF steel production in 2016. As a result of significantly increased steel production since 2000, the supply of Chinese scrap has increased substantially,
providing the Chinese EAF steel
manufacturing industry with local scrap feedstock that was not historically available. We believe continued Chinese government environmental actions and an increasing domestic scrap supply will
support the ongoing global shift towards EAF steelmaking. Assuming completion of new EAF construction and full EAF capacity utilization, we estimate total graphite electrode demand in China could
increase in 2018 by over 100,000 MT from 2017. </FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=3><B>


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The recent restructuring of the graphite electrode industry and changes in the petroleum needle coke industry
have reduced supply as demand is recovering  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Significant amounts of graphite electrode industry production capacity have recently been removed from the market globally. We estimate that
approximately 20% of industry production capacity (excluding China) has been closed or repurposed since the beginning of 2014. Some of these closed manufacturing facilities have sold off equipment,
been demolished, undertaken long-term environmental remediation or been repurposed for other manufacturing uses. Accordingly, we believe the majority of these closures represent permanent reductions.
As part of this overall industry rationalization, we permanently shut down two plants and temporarily idled our St.&nbsp;Marys plant, reducing our electrode manufacturing from six operating
facilities in 2012 to three operating facilities in 2017. Also, in October 2017, the third largest graphite electrode producer acquired the second largest producer. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Further
affecting the availability of graphite electrodes, supplies of petroleum needle coke and pitch needle coke, a less favorable substitute for petroleum needle coke, have been limited starting in
the second half of 2017. Demand for petroleum needle coke has outpaced supply due to increasing demand for petroleum needle coke in the production of lithium-ion batteries used in electric vehicles.
Supply of pitch for pitch needle coke production has fallen as a result of decreasing coke production for the BOF steel industry. These graphite electrode supply constraints have coincided with the
recovery in EAF demand for graphite electrodes, resulting in stronger market conditions for our products. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>106</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>The
table below summarizes these key changes in the industry. </FONT></P>
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<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><B>2011 - 2015</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><B>2017 </B></FONT><BR></TH>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>EAF Steel Industry</B></FONT><BR>
<FONT SIZE=2><I>Electrode Demand</I></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;text-align:left;"><FONT SIZE=2><B>


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 EAF steel production declined approximately 10% from 2011 to 2015 after growing faster than the overall steel market for more than 25&nbsp;years.</B></FONT><FONT SIZE=2></font> <p align=left style="font-family:arial;margin-top:13pt;margin-left:0pt;"> <font size=2>
 </FONT><FONT SIZE=2> </font> <p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2><I>China net exports of BOF
 steel displaced EAF production worldwide.</I></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;text-align:left;"><FONT SIZE=2><B>


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 EAFs regained market share and resumed faster growth than the overall steel market.</B></FONT><FONT SIZE=2></font> <p align=left style="font-family:arial;margin-top:13pt;margin-left:0pt;"> <font size=2> </FONT><FONT SIZE=2> </font> <p align=left
 style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2><I>China steel exports are down more than 30% in 2017 from 2016 and
 are continuing to fall, according to the National Bureau of Statistics of China.</I></FONT></TD>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-top:13pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Graphite Electrodes</B></FONT><BR>
<FONT SIZE=2><I>Electrode Supply</I></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
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 Oversupply driven by historic trough in demand and production capacity additions.</B></FONT><FONT SIZE=2></font> <p align=left style="font-family:arial;margin-top:13pt;margin-left:0pt;"> <font size=2> </FONT><FONT SIZE=2> </font> <p align=left
 style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2><I>We estimate global production capacity (excluding China) was
 approximately 1,000,000 MT at 30 plants in 2013.</I></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
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 We estimate that approximately 20% of graphite electrode production capacity (excluding China) has been closed or repurposed since the beginning of 2014.</B></FONT><FONT SIZE=2></font> <p align=left style="font-family:arial;margin-top:13pt;margin-left:0pt;"> <font
 size=2> </FONT><FONT SIZE=2> </font> <p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2><I>We estimate
 current global graphite electrode production capacity (excluding China) is 800,000&nbsp;MT at 21&nbsp;plants.</I></FONT></TD>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-top:13pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Petroleum Needle Coke</B></FONT><BR>
<FONT SIZE=2><I>Electrode Supply</I></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
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 Excess production capacity and cost disadvantage versus pitch needle coke.</B></FONT><FONT SIZE=2></font> <p align=left style="font-family:arial;margin-top:13pt;margin-left:0pt;"> <font size=2> </FONT><FONT SIZE=2> </font> <p align=left
 style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2><I>Reduced demand from graphite electrodes.</I></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
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 Tight supply due to new demand from lithium-ion batteries for electric vehicles and improving graphite electrode demand.</B></FONT><FONT SIZE=2></font> <p align=left style="font-family:arial;margin-top:13pt;margin-left:0pt;"> <font size=2> </FONT><FONT SIZE=2>
 </font> <p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2><I>Increased demand has led to pricing increases
 of four to six times for petroleum needle coke in the current market compared to one year ago.</I></FONT></TD>
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 <P style="font-family:arial;"><FONT SIZE=2>During
the most recent demand trough, the combination of decreased demand from the EAF steel industry and overcapacity in the graphite electrode industry had an adverse effect on the profitability of
our operations, including a net loss of $235.8 million for the year ended December&nbsp;31, 2016. We also experienced a net loss from continuing operations of $108.9 million for the year ended
December&nbsp;31, 2016. However, as a result of the recent developments in the industry summarized above, we expect to experience significant improvement in our 2018 financial results relative to
these prior results. We also expect a high degree of stability in our future operating results due to our recent three- to five-year contracting initiative. As of March&nbsp;1, 2018, we have entered
into three- to five-year take-or-pay contracts to sell approximately 132,406, 138,446, 134,831, 117,600 and 112,883&nbsp;MT in 2018, 2019, 2020, 2021 and 2022, respectively. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>107</FONT></P>

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Competitive strengths  </B></FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=3><B>


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We are one of the two largest producers of graphite electrodes outside of China, accounting for approximately
21% of global production capacity (excluding China), and we believe our strategically positioned global footprint provides us with competitive advantages  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We believe our facilities are among the most strategically located and lowest cost large-scale graphite electrode manufacturing plants in the
world. Of the 21 graphite electrode manufacturing facilities currently operating outside of China, we estimate that our three operating manufacturing facilities represent approximately 21% of
estimated production capacity for graphite electrodes, making us a critical supplier to global EAF steel manufacturers. Our manufacturing facilities are located in the Americas and EMEA, providing us
with access to low-cost and reliable energy sources, logistical and freight advantages in sourcing raw materials and shipping our graphite electrodes to our customers compared to our competitors, and
excellent visibility into the large North American and European EAF steelmaking markets. Our experience in producing graphite electrodes for a varied global customer base positions us to meet customer
requirements across a range of product types and quality levels, including support and technical services, further distinguishing us from our competitors. </FONT></P>


<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=3><B>


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We are a pure-play provider of an essential consumable for EAF steel producers, the fastest-growing sector of
the steel industry  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We estimate that EAF steelmaking grew at an annual pace of at least 8% to 10% in 2017, compared with 5% for steelmaking overall. As a result
of the increasing global availability of steel scrap and the more resilient, high-variable cost and environmentally friendly EAF model, we expect EAF producers to continue to grow at a faster rate
than BOF producers globally. Additionally, EAF producers are increasingly able to utilize higher quality scrap and iron units, their two primary raw materials, to produce higher quality steel grades
and capture market share from BOF producers, while maintaining a favorable cost structure. According to the WSA, in EMEA and the Americas, which together made up 92% of our 2017 net sales, EAF
producers have increased market share from approximately 37% in 2000 to 48% in 2016, reflecting growth from 190&nbsp;million MT to 237&nbsp;million MT. In APAC, which made up approximately 9% of
our 2017 net sales, government initiatives in China are expected to result in a greater use of the EAF method in steelmaking despite the historical dominance of BOF producers. These initiatives are
the result of efforts to eliminate excess steelmaking production capacity and to improve environmental conditions. The EAF method produces approximately 25% of the CO<SUB>2</SUB> emissions of a BOF
facility and does not require the smelting of virgin iron ore or the burning of coal. Additionally, as a result of significantly increased steel production in China since 2000, the supply of Chinese
scrap is expected to increase substantially, which may result in lower scrap prices and provide the Chinese steel manufacturing industry with local scrap feedstock that was not historically available.
We believe these trends will allow EAF steel
producers to increase their market share and grow at a faster rate than BOF steel producers, resulting in increasing demand for graphite electrodes. </FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=3><B>


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We have capital-efficient growth opportunities available to us  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The graphite electrode industry responded to oversupplied markets from 2011 to 2015 with production capacity rationalization and
consolidation, and after the normalization of the market for EAF steel in 2017, we expect the resulting graphite electrode supply deficit could last for some time. Additionally, we believe the lead
time from initial permitting to full production of a greenfield graphite electrode manufacturing </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>108</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>facility
would be approximately five to ten years and cost approximately $10,000 per MT. Similarly, brownfield development is complicated by significant capital costs and space and process
constraints. Only one new greenfield graphite electrode facility outside of China has been built since the 1980s and only one significant brownfield expansion has occurred, reflecting the historical
difficulty of adding further graphite electrode production capacity. As a result of this long and uncertain time horizon to build new plants, we believe only a few companies have the necessary
technology and expertise to meet the rising demand for graphite electrodes. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our
current facilities are modern, strategically located and well-maintained, providing us with ample operational optimization capabilities. We are in the process of expanding our current production
capacity of 167,000 MT by approximately 21%, or 35,000 MT, by the end of 2018 through strategic capital investments and operational improvements in baking cycles and the graphitization process. We
estimate that the capital cost to achieve this production capacity expansion is approximately $37&nbsp;million, or approximately $1,000 per MT. As a result of our prior operational improvement
activities, we are able to achieve this large capacity increase with specific, highly targeted capital investments. We expect these expansions to provide additional fixed cost absorption and drive
further efficiencies of scale across our manufacturing base. We also can increase production by resuming production at our currently idled St.&nbsp;Marys facility, depending on market conditions,
which would add 28,000 MT, or an increase of approximately 14%, to our expected production capacity at the end of 2018. We believe that resuming production at our St.&nbsp;Marys facility, which we
believe is cost-competitive with facilities currently operated by our competitors, would cost approximately $5&nbsp;million to $11&nbsp;million in capital expenditures and start-up staffing
requirements, depending on our targeted production capacity. </FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=3><B>


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We believe we have the industry's most efficient production platform of high production capacity assets with
substantial vertical integration  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Based on our experience, high capacity manufacturing facilities can have operating costs of more than $1,000 per MT lower than low capacity
manufacturing facilities. Our recent restructuring activities have included the closures of our lower capacity manufacturing facilities in South Africa and Brazil and the idling of our
St.&nbsp;Marys facility, which together accounted for approximately 35% of our previous production capacity. Our restructuring actions have eliminated approximately $125&nbsp;million of annual
fixed manufacturing costs and maintenance capital expenditure requirements since 2012. These actions allow us to run our Calais, Pamplona and Monterrey plants at or near 100% capacity utilization.
Since 2014, we have also improved our manufacturing processes and made strategic investments across our plant network, which have improved productivity while also reducing our energy and raw material
consumption. Following our footprint optimization, we expect to produce a greater quantity of graphite electrodes in 2018 from our three operating facilities than we did from our six operating
facilities in 2012. In 2017, the Calais and Pamplona plants exceeded previous annual record production levels by 15% and 12%, respectively, and production at the Monterrey plant was 12% higher than
the highest annual production level during the past 10 years. We believe that the optimization of our plant network will continue to drive improved fixed cost absorption and meaningfully lower
variable costs. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Moreover,
our Seadrift, Calais, Pamplona, Monterrey and St.&nbsp;Marys facilities each provide unique advantages for us. On average, petroleum needle coke represents 25% to 45% of our graphite
electrode manufacturing costs, with labor representing only 5% to 10%. Seadrift provides a substantial portion of our petroleum needle coke supply needs internally and at a competitive cost and allows
us to maximize capacity utilization more efficiently than competitors, who may be more constrained by petroleum needle coke supply. Seadrift is one of only five petroleum needle coke facilities in the
world, excluding a small </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>109</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>facility
in China, and we believe it is the second largest petroleum needle coke producer in the world. We also believe that Calais, Pamplona and Monterrey are three of the five highest capacity
graphite electrode facilities in the world (excluding China), allowing for significant operating leverage. We believe our facilities have significant cost advantages given their scale and access to
low cost, reliable energy sources. While much of the production capacity rationalized during the downturn was permanently shut down, we temporarily idled our St.&nbsp;Marys facility and retain the
option to restart it. We believe that our St.&nbsp;Marys
facility could be cost-competitive with facilities currently operated by our competitors, and we continue to monitor petroleum needle coke availability to assess restarting the plant. </FONT></P>

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We are the only petroleum needle coke producer in the world specifically focused on the production of
graphite electrodes  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our production of petroleum needle coke specifically for graphite electrodes provides us the opportunity to produce super premium petroleum
needle coke of the highest quality and allows us to tailor graphite electrodes for customer requirements. Seadrift has 140,000 MT of petroleum needle coke production capacity, which we believe makes
it the second largest petroleum needle coke producer in the world. We believe that no petroleum needle coke production capacity has been added outside of China for at least 10&nbsp;years, given high
capital costs and technological barriers. Additionally, the growing petroleum needle coke demand from manufacturers of lithium-ion batteries for electric vehicles has created a shortage of petroleum
needle coke available to graphite electrode manufacturers. Sourcing the majority of our petroleum needle coke internally allows us to offer our customers certainty of supply, further enhancing our
competitive position and supporting our new three- to five-year, take-or-pay contracts strategy. To align with our three- to five-year contract profile, we have hedged the decant oil required to
produce all of the graphite electrodes sold under these contracts, providing us with substantial visibility into our future raw material costs. We believe our use of petroleum needle coke is a further
competitive advantage, as the use of pitch needle coke, an alternative raw material, results in longer bake times during graphite electrode production, significantly affecting graphite electrode
production rates and cost. Finally, the decline in the price of oil and increase in the price of coal tar pitch in recent years has further improved the competitive advantage of using petroleum needle
coke relative to pitch needle coke. </FONT></P>

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Our graphite electrodes and petroleum needle coke are among the highest quality in the industry  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>After the divestiture of our non-core legacy Engineered Solutions businesses in 2016 and 2017, we focused on our core competency of graphite
electrode production and generated approximately $60&nbsp;million in cash proceeds and release of working capital from these divestitures. Our restructured and simplified business model has reduced
our annual overhead expenses by approximately $65&nbsp;million since 2012, allowing us to redeploy the savings into our graphite electrode business. We have identified and implemented mechanical and
chemical improvements to our electrodes, invested in the capability to produce super premium petroleum needle coke needed for high-margin UHP graphite electrodes, and optimized our production of pins
at our Monterrey plant, which are a critical component used to connect and fasten graphite electrodes together in a furnace. By producing pins at our Monterrey
plant, we are able to realize meaningful fixed-cost synergies with our graphite electrode production on site. As a result, we believe the quality and the consistency of our electrodes is unrivaled in
North America and EMEA and on par with that of any producer globally. We have seen customer satisfaction rise to ten-year highs at a time when the industry has been focused on production capacity
rationalization rather than quality. We believe the durability and infrequent breakage of our graphite electrodes create operating efficiencies and value opportunities for our customers. We also
believe we have a competitive advantage in offering customers ArchiTech, which we </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>110</FONT></P>

<HR NOSHADE>
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<P style="font-family:arial;"><FONT SIZE=2>believe
is the most advanced support and technical service platform in the graphite electrode industry. ArchiTech, which has been installed in 145 customer furnaces, enables our engineers to work with
our customers seamlessly to maximize the performance of their furnaces and provide real-time diagnostics and troubleshooting. We believe our customers value our high quality products and customer
service, and have provided us with opportunities to expand our business with them as a result. </FONT></P>

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Our experienced executive leadership and general managers and flexible workforce have positioned us for
future earnings growth  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our seasoned leadership is committed to earnings growth. We have undertaken strategic investments to increase our production capacity in a
capital-efficient manner while reducing our cost position. Our executive and manufacturing leadership have led manufacturing companies through many cycles and are focused on positioning us for
profitable growth in any environment. We expect to grow our production capacity by approximately 21%, or 35,000 MT, in 2018 as a result of our operational improvement and debottlenecking initiative
and a further 14%, or 28,000 MT, if we restart production at our currently idled St.&nbsp;Marys facility. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>Additionally,
since our acquisition by Brookfield, we have reorganized our manufacturing facilities as profit centers. We use LEAN manufacturing techniques, which focus on the constant elimination of
waste from the manufacturing process. We also rely on Six&nbsp;Sigma methods, a set of management techniques intended to improve quality by significantly reducing the probability that an error or
defect will occur. We believe the LEAN and Six Sigma initiatives have increased overall utilization by optimizing our plant production capacity and controlled costs while also improving quality. We
also redesigned general manager incentive plans to reward efficiency gains. Similarly, our labor force is incentivized to drive efficiencies through
country-specific labor incentive plans. Further, we believe our positive relations with our labor force allow for increased flexibility. </FONT></P>

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Business strategies  </B></FONT></P>

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Implement our new commercial strategy  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We believe our customers value certainty of supply of high quality graphite electrodes due to their mission-critical nature in the EAF
steelmaking process and relatively low cost compared to the total cost of steelmaking. In light of improved market conditions, the long lead time required to produce our products, our position as one
of the market's largest producers and our ability, through our substantial vertical integration with Seadrift, to provide customers with a reliable long-term supply of graphite electrodes despite the
market shortage of petroleum needle coke, we have implemented a new commercial strategy to sell 60% to 65% of our production capacity to our strategic customers through three- to five-year take-or-pay
contracts. In the new supply-constrained market environment, as of March&nbsp;1, 2018, we have secured minimum sales volume under three- to five-year take-or-pay contracts for approximately
636,000&nbsp;MT or approximately 60% to 65% of our cumulative production capacity from 2018 through 2022. As of March&nbsp;1, 2018, 13% of these contracts are three- and four-year contracts and
87% are five-year contracts. Furthermore, many of our customers have sought to purchase greater volumes from us than they have historically because of our reliable source of petroleum needle coke and
the high quality of our graphite electrodes. This new commercial strategy reflects a shift from our historic approach to sales, which were negotiated annually and on a non-binding basis. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>111</FONT></P>

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Grow production capacity through capital-efficient operational improvements and the restart of our
St.&nbsp;Marys facility  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We believe our well-maintained facilities provide us with opportunities to improve our production capacity by approximately 21% from current
production capacity levels with relatively low capital investments. We have improved our manufacturing processes and made strategic investments across our plant network, which have improved
productivity, including improvements of approximately 20% at both our Seadrift and Monterrey facilities, while also reducing our energy and raw material consumption. We have achieved these production
increases by exploiting latent capacity in our plants, which historically have had uneven levels of capacity across each manufacturing process step, by removing artificial constraints on cycle times
and improving scheduling processes. These improvements have had the additional advantage of reducing the capital expenditures required to achieve further production capacity
increases through debottlenecking. We plan to invest approximately $37&nbsp;million to optimize our bake schedules and graphitization processes as part of our operational improvement and
debottlenecking initiative. We expect these upgrades at our three operational facilities to include:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Calais: adding graphitizing furnaces and increasing graphitizing production capacity are expected to increase annual production capacity from
46,000 MT to 65,000 MT. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Pamplona: optimizing graphitization cycles, adding a new extrusion press to unlock graphitizing production capacity and adding a new
impregnation facility are expected to increase annual production capacity from 66,000&nbsp;MT to 76,000 MT. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Monterrey: adding a new bake car, bigger furnace, second crane and additional longitudinal furnaces are expected to increase annual production
capacity from 55,000 MT to 61,000 MT. </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>As
a result of our prior operational improvement activities, we are able to achieve this large capacity increase with specific, highly targeted capital investments. We also continue to evaluate
restarting production at our St.&nbsp;Marys facility. Restarting our St.&nbsp;Marys facility would provide an additional 28,000 MT of production capacity, or an incremental 14%. Our
St.&nbsp;Marys facility has access to low-cost natural gas and electricity, providing what we believe to be a significant cost advantage relative to our competitors. Additionally, its greater
proximity to U.S. EAF and non-ferrous metals producers provides it with a further freight cost advantage. </FONT></P>

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Utilize our production efficiency program to support our focus on cost efficiency  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>As part of our corporate restructuring, we have reduced corporate overhead expenses by approximately $65 million, or approximately 60%, from
2012 levels through a strategic realignment of our corporate structure and the elimination of the legacy Engineered Solutions R&amp;D expenses and
overhead. We temporarily idled our St.&nbsp;Marys facility and reconfigured our production footprint by closing our Brazil and South Africa manufacturing facilities to drive higher capacity
utilizations at our three largest, most strategically located and lowest-cost manufacturing facilities. Additionally, we continue to optimize our capital investment opportunities through rigorous
quantitative analysis and deploy simultaneous work process improvements at our manufacturing facilities through LEAN and Six Sigma techniques. </FONT></P>

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Continue to be a reliable, preferred supplier for mission-critical graphite electrodes  </B></FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>We believe that improvements in overall quality create significant operating efficiencies and value opportunities for our customers, and
provide us with the opportunity to increase sales volumes and market share. We continue to work closely with key customers to enhance the durability of our graphite </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>112</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>electrodes,
reducing the frequency of graphite electrode breaks and enhancing the usable life of our graphite electrodes, to make us their preferred supplier. We will continue to use our petroleum
needle coke facility to help secure customer orders of mission-critical graphite electrodes. We believe that at a time of supply uncertainty for many competitors, we will continue to see high demand
from our customers. </FONT></P>

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Maintain balance sheet discipline and strong liquidity to provide strategic flexibility  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We plan to maintain a solid balance sheet in order to provide flexibility to grow and invest in our business in all market environments. As of
December&nbsp;31, 2017, after giving effect to (i)&nbsp;our entrance into the 2018 Credit Agreement, the borrowing of $1,500&nbsp;million of 2018 Term Loans under the 2018 Credit Agreement on
February&nbsp;12, 2018 and the use of proceeds therefrom and (ii) the issuance as a conditional dividend of the $750 million Brookfield Promissory Note to the selling stockholder, which we expect to
issue on or around May 9, 2018 assuming the applicable conditions are met, we would have had approximately $2,250 million of indebtedness outstanding and total liquidity of approximately
$253.7&nbsp;million, consisting of $241.8&nbsp;million available for borrowing under the 2018 Revolving Credit Facility (taking into account approximately $8.2&nbsp;million of outstanding
letters of credit issued thereunder) and cash and cash equivalents of approximately $11.9 million. See "Management's Discussion and Analysis of Financial Condition and Results of
Operations&#151;Financing Transactions." In addition, prior to the consummation of this offering, we expect to declare a $160 million conditional cash dividend payable to the selling
stockholder. Assuming the applicable conditions are met, we expect to pay the dividend on or around May&nbsp;9, 2018. See "Dividend Policy." </FONT></P>

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Facilities and manufacturing  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B> Facilities.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Below is a summary of our material facilities: </FONT></P>
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<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
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<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2><B>Primary use</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>Owned or<BR>
leased </B></FONT><BR></TH>
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</FONT> <FONT SIZE=2><I>Americas</I></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Brooklyn Heights, Ohio</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>Corporate Headquarters, Innovation and Technology Center</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>Leased</FONT></TD>
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 Monterrey, Mexico</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>Graphite Electrode Manufacturing Facility and Sales Office</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>Owned</FONT></TD>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>St.&nbsp;Marys, Pennsylvania</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>Graphite Electrode Manufacturing Facility (currently idled)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>Owned</FONT></TD>
</TR>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 Port Lavaca, Texas</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>Petroleum Needle Coke Manufacturing Facility (Seadrift)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>Owned</FONT></TD>
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<TD style="font-family:arial;"><BR><FONT SIZE=2><I>Europe</I></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
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 Bussigny, Switzerland</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>Sales Office</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>Leased</FONT></TD>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Calais, France</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>Graphite Electrode Manufacturing Facility</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>Owned</FONT></TD>
</TR>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 Moscow, Russia</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>Sales Office</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>Leased</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pamplona, Spain</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>Graphite Electrode Manufacturing Facility and Sales Office</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>Owned</FONT></TD>
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<TD style="font-family:arial;"><BR><FONT SIZE=2>


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</FONT> <FONT SIZE=2><I>Other International</I></FONT></TD>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Beijing, China</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>Sales Office</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>Leased</FONT></TD>
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 Hong Kong, China</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>Sales Office</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>Leased </FONT></TD>
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 <P style="font-family:arial;"><FONT SIZE=2>We
currently manufacture our graphite electrodes in three manufacturing facilities strategically located in the Americas and EMEA, two of the largest EAF steelmaking markets. Our locations allow us to
serve our customers in the Americas and EMEA efficiently and are located near low-cost and reliable energy sources with essential logistical infrastructure in place. In addition to these three
facilities, we have a fourth graphite electrode manufacturing site in St.&nbsp;Marys, Pennsylvania that is currently idled. We estimate that </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>113</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<A NAME="page_ds71304_1_114"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>the
167,000 MT of graphite electrode production capacity at our three currently operating sites represents approximately 21% of estimated global graphite electrode production capacity (excluding
China). Due to our productivity improvement efforts, and because of the increased demand for graphite electrodes, we have achieved near 100% capacity utilization at our Calais, France, Pamplona, Spain
and Monterrey, Mexico plants in 2017. In 2017, the Calais and Pamplona plants exceeded previous annual record production levels by 15% and 12%, respectively, and production at the Monterrey plant was
12% higher than the highest annual production level during the past 10&nbsp;years. We believe our business has the lowest manufacturing cost structure of all of our major competitors, primarily due
to the large scale of our manufacturing facilities. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our
manufacturing facilities significantly benefit from their size and scale, work force flexibility, access to attractively-priced sources of power and other key raw materials, and our substantial
vertical integration with Seadrift. By operating three of the five highest capacity graphite electrode production facilities in the world, we are able to achieve meaningful operating leverage relative
to our competitors. Because of the attractive cost of labor available to our Monterrey facility, we believe we have a significant cost advantage in the production of pins, which are used to connect
and fasten graphite electrodes together in a furnace and are more labor-intensive to produce than other graphite electrodes. Our Calais, Pamplona and Monterrey facilities have access to low-cost
sources of electricity, a significant element of our manufacturing costs. Our Seadrift facility currently produces approximately 75% of our petroleum needle coke requirements for our graphite
electrode production, allowing us to source our primary raw material internally and at cost, a significant advantage relative to our peers. Seadrift also produces sufficient needle coke to supply 100%
of the graphite electrode production that we have contracted under our new take-or-pay contracts. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
table below summarizes the location and production capacity of our plants. </FONT></P>
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<TH COLSPAN=14 ALIGN="RIGHT" style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>Graphite electrode manufacturing </B></FONT></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>Needle coke<BR>
(Seadrift) </B></FONT></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2><B>Plant</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>Calais,<BR>
France</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>Pamplona,<BR>
Spain</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>Monterrey,<BR>
Mexico</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>St.&nbsp;Marys,<BR>
USA(1)</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>Total<BR>
electrode</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>Port Lavaca,<BR>
USA</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
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<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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</FONT> <FONT SIZE=2><B>2017 Production Capacity (MT)</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>46,000</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>66,000</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>55,000</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>28,000</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B> 195,000</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>140,000</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>2018 YE Production Capacity (MT)</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>65,000</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>76,000</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>61,000</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>28,000</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B> 230,000</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>140,000</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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</FONT> <FONT SIZE=2><B>Year Built</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>1975</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>1969</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>1957</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>1930</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>1983 </FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
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 <P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
St.&nbsp;Marys, Pennsylvania facility is currently idled. </FONT></P>
 </DIV>
 <P style="font-family:arial;"><FONT SIZE=2>We
are currently in the process of increasing our production capacity by approximately 21%, or 35,000 MT, by the end of 2018 through an operational improvement and debottlenecking initiative we
commenced in 2017. We are installing a new bake car, a larger furnace, a second crane, and additional longitudinal furnaces in our Monterrey facility, which will increase graphite electrode production
capacity to 61,000 MT. Our Pamplona facility will benefit from a new extrusion press to unlock graphitizing production capacity and a new impregnation facility which will increase graphite electrode
production capacity to 76,000 MT. We are also adding graphitizing furnaces in our Calais facility, which will increase graphite electrode capacity at that facility to 65,000 MT. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
recent transformation in the industry was driven in part by substantial production capacity rationalization and consolidation. We estimate that, at the beginning of 2014, the graphite electrode
industry globally (excluding China) had capacity to produce approximately 1.0&nbsp;million MT of graphite electrodes across 30 graphite electrode manufacturing facilities. Since then, we estimate
that the industry outside of China has closed or repurposed approximately 20% of production capacity, reducing production </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>114</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>capacity
to approximately 800,000 MT of electrodes at 21 plants. Moreover, the third-largest producer has acquired the second-largest producer. As part of this overall industry rationalization, we
permanently shut down two plants and temporarily idled our St.&nbsp;Marys plant, reducing our electrode manufacturing from six operating facilities in 2012 to three operating facilities in 2017.
Despite this, we expect to produce a greater quantity of graphite electrodes in 2018 from our three operating facilities than we did in 2012 from our six facilities. By the end of 2018, we believe the
five largest plants in the industry&#151;including our facilities in Calais, Pamplona and Monterrey&#151;will represent approximately 43% of the graphite electrode industry's installed
production capacity (excluding China), representing a significant cost advantage over the remaining 16 plants. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><B> Manufacturing.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We manufacture graphite electrodes ranging in size up to 30 inches in diameter, over 11&nbsp;feet in length, and weighing as much as 5,900 pounds
(2.6 MT). The manufacturing process includes six main processes: screening of raw materials (needle coke) and blending with coal tar pitch followed by forming, or extrusion, of the electrode, baking
the electrode, impregnating the electrode with a special pitch that improves strength, re-baking the electrode, graphitizing the electrode using electric resistance furnaces, and machining. The first
baking process converts the pitch into hard coke. During the baking process, the electrode pitch volatiles are removed, leaving porosities inside. To improve graphite electrode quality, the electrode
is then impregnated with additional coal tar pitch to fill the porosities and baked a second time. After impregnation and re-baking, the manufacturing process continues with graphitization as the
electrodes are heated at 5000&deg;F in a special longitudinal furnace to convert the carbon into graphite. The graphitization cycle removes additional impurities and improves the electrodes'
key qualities:
thermal and electrical conductivity, thermal shock resistance performance, lubricity, and abrasion resistance. Graphitization is energy intensive, and, according to CRU International&nbsp;Ltd (or
CRU), requires around 3200 to 4800 kWh electricity per MT, representing 20% to 35% of the total electrode costs. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>High
quality graphite electrodes have low electrical resistivity and strong durability. Resistivity is enhanced by removing impurities during the production process, while durability is determined by
the coefficient of thermal expansion (or CTE) of the raw material used to produce the graphite electrode. Lower CTE needle coke produces higher quality electrodes. UHP electrodes used in harsh EAF
melter applications have low resistivity and low CTE to maximize efficient use of electricity in the EAF and minimize electrode consumption. The total manufacturing time of a graphite electrode and
its associated connecting pin is on average approximately six months from needle coke production to customer delivery. We believe that the period of time required to produce a graphite electrode
meaningfully constrains the ability of graphite electrode producers to react to real-time changes in steel market environments and acts as a barrier to entry. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Production
of a graphite electrode begins with the production of either petroleum needle coke, our primary raw material, or pitch needle coke, a less favorable substitute for petroleum needle coke.
Petroleum needle coke is produced through a manufacturing process very similar to a refinery. The production process converts decant oil, a byproduct of the gasoline refining process, into petroleum
needle coke and generally takes two months to produce. Needle coke takes its name from the needle-like shape of the coke particles. We produce calcined petroleum needle coke at Seadrift. Seadrift is
not dependent on any single refinery for decant oil. While Seadrift has purchased a substantial majority of its raw material inventory from a limited number of suppliers in recent years, we believe
that there is a large supply of suitable decant oil in the United States available from a variety of sources. In addition, we have hedged the decant oil required to produce all of the graphite
electrodes sold under our three- to five-year take or pay contracts, providing us with substantial visibility into our future raw material costs. Seadrift is one of only five petroleum </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>115</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>needle
coke facilities in the world, excluding a small facility in China, and we believe it is the second largest petroleum needle coke producer in the world. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
purchase the electric power used in our manufacturing processes from local suppliers under contracts with pricing based on rate schedules or price indices. Our electricity costs can vary
significantly depending on these rates and usage. Natural gas used in the baking and re-baking processes is purchased from local suppliers primarily under annual volume contracts with pricing based on
various natural gas price indices. </FONT></P>

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Sales and customer service  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We differentiate and sell the value of our graphite electrodes primarily based on price, product quality and performance, delivery reliability
and customer technical service. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
have a large customer technical service organization, with supporting application engineering and scientific groups and more than 60 engineers and specialists around the world. We believe that we
are one of the industry leaders in providing value added technical services to our customers. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>Our
direct sales force currently operates from 10 sales offices located around the world. We sell our graphite electrodes primarily through our direct sales force, independent sales representatives
and distributors, all of whom are trained and experienced with our products. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
have customer technical service personnel based around the world to assist customers to maximize their production and minimize their costs. A portion of our engineers and technicians provide
technical service and advice to key steel and other metals customers. These services relate to furnace applications and operation, as well as furnace upgrades to reduce energy consumption, improve raw
material costs and increase output. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
believe we have a competitive advantage in offering customers ArchiTech, which we believe is the most advanced support and technical service platform in the graphite electrode industry. ArchiTech,
which has been installed in 145 customer furnaces, enables our engineers to work with our customers seamlessly to maximize the performance of their furnaces and provide real-time diagnostics and
troubleshooting. </FONT></P>

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Distribution  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We deploy various demand management and inventory management techniques to seek to ensure that we can meet our customers' delivery
requirements while still maximizing the capacity utilization of our production capacity. We can experience significant variation in our customers' delivery requirements as their specific needs vary
and change through the year. We generally seek to maintain
appropriate inventory levels, taking into account these factors as well as the significant differences in manufacturing cycle times for graphite electrode products and our customers' products. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Finished
products are usually stored at our manufacturing facilities. Limited quantities of some finished products are also stored at local warehouses around the world to meet customer needs. </FONT></P>

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Contracts and Customers  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In 2017, we reoriented our commercial strategy around a three- to five-year take-or-pay contract framework and restructured our sales force
incentives. As graphite electrodes are an essential consumable in the EAF steel production process and require a long lead time to manufacture, our strategic customers are highly focused on securing
certainty of supply of reliable, high quality graphite electrodes. Prior to our three- to five-year take-or-pay contract initiative, our sales of graphite electrodes were generally </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>116</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>negotiated
annually through purchase orders on an uncontracted, nonbinding basis. The majority of our customers sought to secure orders for a supply of their anticipated volume requirements each
upcoming year. The remaining, small balance of our graphite electrode customers purchased their electrodes as needed throughout the year at industry spot&nbsp;prices. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
believe we are uniquely capable among graphite electrode producers to pursue our three- to five-year take-or-pay contracting strategy due to our substantial vertical integration into petroleum
needle coke production. Substantially all of our petroleum needle coke production is used internally and is not sold to external customers. Demand for petroleum needle coke is increasing due to the
use of needle coke in lithium-ion batteries for electric vehicles, as well as the recovering demand for graphite electrodes, and we expect demand to exceed global production capacity in 2018.
Consequently, this limited availability of petroleum needle coke will restrict new graphite electrode production. Seadrift, our wholly owned subsidiary acquired in 2010, currently provides
approximately 75% of our petroleum needle coke requirements and produces sufficient needle coke to supply 100% of the graphite electrode production that we have contracted under our take-or-pay
contracts. We have hedged the decant oil required to produce
all of the graphite electrodes sold under these contracts, providing us substantial visibility into our future raw material&nbsp;costs. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Because
the market price of graphite electrodes may be based, in part, on the current or forecasted costs of key raw materials, periods of raw material price volatility may have an impact on the
market price. In particular, as petroleum needle coke represents a significant percentage of the raw material cost of graphite electrodes, the price of graphite electrodes has historically been
influenced by the price of petroleum needle coke. See "Risk Factors&#151;Risks Related to Our Business and Industry&#151;Pricing for graphite electrodes has historically been cyclical
and, in the future, the price of graphite electrodes will likely decline from recent record highs." The fixed prices under our contracts prevent us from passing along changes related to our costs of
raw materials to our customers. See "Risk Factors&#151;Risks Related to Our Business and Industry&#151;We are dependent on the supply of petroleum needle coke. Our results of operations
could deteriorate if recent disruptions in the supply of petroleum needle coke continue or worsen for an extended period." However, as described above, we believe our ability to source all of our
petroleum needle coke requirements for these contracts from our Seadrift facility and our hedging of our purchases of decant oil mitigates the impact of periodic shortages and price fluctuations of
raw&nbsp;materials. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>As
of March 1, 2018, we have executed three- to five-year take-or-pay contracts, representing approximately 636,000 MT, or approximately 60% to 65% of our cumulative expected production capacity from
2018 through 2022. Approximately 87% of the contracted volumes have five year terms and approximately 13% of the contracted volumes have three and four year terms. As of March&nbsp;1, 2018, we have
contracted to sell approximately 132,406, 138,446, 134,831, 117,600 and 112,883&nbsp;MT in 2018, 2019, 2020, 2021 and 2022, respectively. Approximately 85% of these volumes are under pre-determined
fixed annual volume contracts, while approximately 15% of the volumes are under contracts with a specified volume&nbsp;range. The aggregate difference between the minimum and maximum volumes across
our cumulative portfolio of take-or-pay contracts with specified volume ranges is approximately 5,000&nbsp;MT per year in 2019, 2020, 2021 and&nbsp;2022. We have also retained significant upside
by reserving the remaining approximately&nbsp;35% to 40% of our production capacity from 2019 to 2022 for sales on a shorter term or spot basis. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>117</FONT></P>

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<U>Management estimates of annual production capacity</U>  </B></FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>All
of our take-or-pay contracts have fixed prices. The weighted average contract price for the contracted volumes over the next five years is approximately $9,700 per MT, with the weighted average
contract prices for contracts with a specified volume range computed using the volume midpoint. Weighted average contract prices for our contracted volume will differ from the weighted average
realized prices that we will actually realize for all MT of graphite electrodes we sell in these years because contracted volumes represent only a portion of our production capacity. </FONT></P>

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Three-to Five-Year Take-or-Pay Contract Volume and Price Profile  </B></FONT></P>
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 <P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(1)&nbsp;&nbsp;&nbsp;&nbsp;Contract
volume reflects volumes contracted under three- to five-year take-or-pay contracts. Contract volume in the above graph reflects the midpoint of the contracts with a specified
volume&nbsp;range. </FONT></P>
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 <P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(2)&nbsp;&nbsp;&nbsp;&nbsp;Weighted
average contract price reflects the volume-weighted average price for graphite electrodes at which we have entered into three- to five-year take-or-pay contracts as of March
1, 2018. For those contracts with a specified volume range, weighted average contract prices are computed using the volume midpoint.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(3)&nbsp;&nbsp;&nbsp;&nbsp;Contracted
revenue reflects the product of the weighted average contract price and the contracted volume for the&nbsp;period. </FONT></P>
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 <P style="font-family:arial;"><FONT SIZE=2>Within
this contract framework, our customers agree to purchase a specified volume of product at the price under the contract. Contract customers are unable to renegotiate or adjust the price under
the contract and order. These fixed prices under the contracts also prevent us from passing along any changes related to the costs of raw materials to contract customers. As a result of the
take-or-pay obligation of the contracts, the customer must purchase the annual contracted volume (or&nbsp;annual volume within the specified range). In the event the customer does not take delivery
of the annual volume specified in the contract, our contracts provide for a capacity payment equal to the product of the number of MTs short of the annual volume specified in the contract multiplied
by the price under the contract for that contract&nbsp;year. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
addition to defining annual volumes and prices, these three- to five-year take-or-pay contracts include significant termination payments (typically, 50% to 70% of remaining contracted revenue) and,
in certain cases, parent guarantees and collateral arrangements to manage our customer credit risk. In most cases,
the customer can only terminate the contract unilaterally: (i)&nbsp;upon certain bankruptcy events; (ii)&nbsp;if we materially breach certain anti-corruption legislation; (iii)&nbsp;if we are
affected by a force majeure event that precludes the delivery of the agreed-to graphite electrodes for more than a six-month period; or (iv)&nbsp;if we fail to ship certain minimum levels during a
specified period of time. The customer will also be able to temporarily suspend obligations under the contract due to a force majeure event, as will we, with the contract term being extended by a
period equal to the duration of such&nbsp;suspension. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our
contracts provide our customers with certain remedies in the event that we are unable to deliver the contracted volumes of graphite electrodes on a quarterly basis. Our substantially vertically
integrated Seadrift plant is particularly important to our ability to provide our customers with a reliable supply of graphite electrodes. Therefore, the likelihood that we will fail to deliver the
contracted volume is significantly reduced due to our substantial vertical integration. For a discussion of certain risks related to our take-or-pay contracting initiative, see "Risk
Factors&#151;Risks related to our business and industry&#151;We may be unable to implement our business strategies, including our initiative to secure and maintain three- to five-year
take-or-pay customer contracts, in an effective manner." </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
aim to be the leading producer of the highest performing graphite electrodes in order to enhance customer production efficiency. Our global manufacturing network, vertical integration with needle
coke and R&amp;D team provide us with competitive advantages in product quality, product costs, and operational flexibility. We continuously work to improve the consistent overall quality of our products
and services, including the performance characteristics of each product, and the uniformity of the products manufactured at different facilities. We believe our efforts have succeeded, as in 2017 we
improved our quality and performance metrics to the highest levels in ten years and added new, leading steelmakers as&nbsp;customers. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Approximately
89% of our graphite electrodes were purchased by EAF steel producers in 2017. The remaining portion is primarily used in various other ferrous and non-ferrous melting applications, BOF
production, fused materials, chemical processing, and alloy metals. In 2017, only one customer accounted for more than 10% of our net sales. We sell our products in every major geographic region
globally. Sales of our products to buyers outside the United&nbsp;States accounted for approximately 80% of net sales in 2015, approximately 83% of net sales in 2016 and approximately 81% of net
sales in 2017. Overall, in 2017, we generated more than 92% of our net sales from EMEA and the&nbsp;Americas. </FONT></P>

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2017 Revenue and production by region and end market  </B></FONT></P>
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 <P style="font-family:arial;"><FONT SIZE=2>We
believe our three- to five-year take-or-pay contracting strategy provides cash flow visibility and stability to our customers and, as a result, has secured a high quality customer base. We perform
financial and credit reviews of all eligible potential customers prior to entering into these contracts. Less creditworthy customers are required to post a bank guarantee, letter of credit or
significant cash prepayment. As a result, our contracted customers as of March 1, 2018 have strong balance sheets, with a weighted average cost of debt of 4.2%. Based on total revenues over the life
of the contracts, our ten largest customers as of March 1, 2018 represent 41% of total revenue, while the next ten customers and all other customers represent 18% and 41% of total revenue,
respectively, and approximately 85% of contracted revenue from EMEA and the Americas. As of March 1, 2018, approximately 92% of contracted production has been placed with long-time recurring strategic
customers, representing approximately 95% of their 2017 electrode purchases from&nbsp;us. </FONT></P>

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Research and development  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We have over 125&nbsp;years of experience in the R&amp;D of graphite- and carbon-based solutions. By focusing our management's attention and R&amp;D
spending exclusively on the graphite electrode business, we have been able to meaningfully improve the quality of our graphite electrodes, repositioning ourselves as an industry quality leader and
improving our relationships with strategic customers. Our focus on improving the quality of petroleum needle coke through R&amp;D has led to our petroleum needle coke production at Seadrift now being
best-in-class for use in the manufacturing of highly durable UHP electrodes. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>R&amp;D
expenses amounted to $2.4&nbsp;million in 2016 and $3.0&nbsp;million in 2017. We believe that our technological and manufacturing strengths and capabilities provide us with a significant
growth opportunity as well as a competitive advantage. </FONT></P>

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Intellectual property  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We believe that our intellectual property, consisting primarily of patents and proprietary know-how, provides us with competitive advantages
and is important to our growth opportunities. Our intellectual property portfolio is extensive, with approximately 173 carbon and graphite U.S. and foreign patents and published patent applications,
which we believe is more than any of our major competitors in the businesses in which we operate. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>120</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>We
own or have obtained licenses for various trade names and trademarks used in our businesses. For example, the trade name and trademark UCAR are owned by Union Carbide Corporation (which was
acquired by Dow Chemical Company) and are licensed to us on a worldwide, exclusive and royalty-free basis until 2025. This particular license automatically renews for successive ten-year periods. It
permits non-renewal by Union Carbide at the end of any renewal period upon five years' notice of non-renewal. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>We
rely on patent, trademark, copyright and trade secret laws, as well as appropriate agreements to protect our intellectual property. Among other things, we seek to protect our proprietary know-how
and information, by requiring employees, consultants, strategic partners and others who have access to such proprietary information and know-how to enter into confidentiality or restricted use
agreements. </FONT></P>

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Insurance  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We maintain insurance against civil liabilities relating to personal injuries to third parties, for loss of or damage to property, for
business interruptions and for certain environmental matters, that provides coverage, subject to the applicable coverage limits, deductibles and retentions, and exclusions, that we believe are
appropriate upon terms and conditions and for premiums that we consider fair and reasonable in the circumstances. We cannot assure you, however, that we will not incur losses beyond the limits of or
outside the coverage of our insurance. </FONT></P>

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Environment  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our facilities and operations are subject to a wide variety of federal, state, local and foreign environmental laws and regulations. These
laws and regulations relate to air emissions, water discharges and solid and hazardous waste generation, treatment, storage, handling, transportation and disposal; the presence of wastes and other
substances; the reporting of, responses to and liability for, releases of hazardous substances into the environment; and the import, production, packaging, labeling and transportation of products that
are defined as hazardous or toxic or otherwise believed to have potential to harm the environment or human health. These laws and regulations (and the enforcement thereof) are periodically changed and
are becoming increasingly stringent. We have incurred substantial costs in the past, and will continue to incur additional costs in the future, to comply with these legal requirements. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
believe that we are currently in compliance in all material respects with the federal, state, local and foreign environmental laws and regulations to which we are subject. We have experienced some
level of regulatory scrutiny at most of our current and former facilities and, in some cases, have been required to take or are continuing to take corrective or remedial actions and incur related
costs, and may experience further regulatory scrutiny, and may be required to take further corrective or remedial actions and incur additional costs, in the future. Although it has not been the case
in the past, these costs could have a material adverse effect on us in the future. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Further,
laws and regulations in various jurisdictions impose or may impose, as the case may be, environmental monitoring, reporting and/or remediation requirements if operations cease or property is
transferred or sold. We have sold or closed a number of facilities that had operated solid waste management units on-site. In most cases where we divested the properties, we have retained ownership of
on-site landfills. When our landfills were or are to be sold, we negotiate for contractual provisions providing for financial assurance to be maintained, which we believe will be adequate to protect
us from any potential future liability associated with these landfills. When we have closed landfills, we believe that we have done so in material compliance with applicable laws and regulations. We
continue to monitor these landfills and observe any reporting obligations we may have with respect to them pursuant to </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>121</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>applicable
laws and regulations. To date, the costs associated with the retained landfills have not had, and we do not anticipate that future costs will have, a material adverse effect on us. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
have received and may in the future receive notices from the U.S. Environmental Protection Agency (or U.S. EPA) or state environmental protection agencies, as well as claims from other parties,
alleging that we are a potentially responsible party (or PRP) under the Superfund Act and similar state laws for past and future remediation costs at waste disposal sites and other contaminated
properties. Although Superfund Act liability is joint and several, in general, final allocation of responsibility at sites where there are multiple PRPs is made based on each PRP's relative
contribution of hazardous substances to the site. Based on information currently available to us, we believe that any potential liability we may have as a PRP will not have a material adverse effect
on us. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Certain
of our U.S. facilities have been or will be required to comply with reporting requirements under the Federal Clean Air Act and standards for air emissions that have been or may be adopted by
the U.S. EPA and state environmental protection agencies pursuant to new and revised regulations, including the possible promulgation of future maximum achievable control technology standards that
apply specifically to our manufacturing sector(s), or more generally to our operation(s) or equipment. Achieving compliance with the regulations that have been promulgated to date has resulted in the
need for additional administrative and engineered controls, changes to certain manufacturing processes, and increased monitoring and reporting obligations. Similar foreign laws and regulations have
been or may also be adopted to establish new standards for air emissions, which may also require best available control technology on our manufacturing operations outside the United States. Based on
information currently available to us, we believe that compliance with these regulations will not have a material adverse effect on us. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>International
accords, foreign laws and regulations, and U.S. federal, state and local laws and regulations have been enacted to address concerns about the effects that CO<SUB>2</SUB> emissions and
other identified GHGs may have on the environment and climate worldwide. These effects are widely referred to as Climate Change. The international community has taken actions to address Climate Change
issues on a global basis. In particular, in December 2015, the 21st&nbsp;Conference of Parties for the UNFCC concluded with more than 190 countries adopting the Paris Agreement, which then came into
force and was legally binding on the parties in November 2016. The Paris Agreement sets a goal of limiting the increase in global average temperature and consists of two elements: a legally binding
commitment by each participating country to set an emissions reduction target, referred to as "nationally determined contributions" (or NDCs), with a review of the NDCs that could lead to updates and
enhancements every five years beginning in 2023, and a transparency commitment requiring participating countries to disclose in full their progress. Our activities in the EU are subject to the EU
Emissions Trading Scheme (or ETS), and it is likely that requirements relating to GHG emissions will become more stringent and will continue to expand to other jurisdictions in the future as NDCs
under the Paris Agreement are implemented. In the United States, although the current Administration has announced its intent to withdraw from the Paris Agreement, the EPA currently requires reporting
of GHG emissions from certain sources and, in the future, the EPA or states may impose permitting obligations on new sources or existing sources that seek to modify their operations that would
otherwise result in an increase in certain GHG emissions. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
the EU, the ETS, which was initially enacted under the provisions of the 1997 Kyoto Protocol, requires certain listed energy-intensive industries to participate in an international "cap and trade"
system of GHG emission allowances. A third phase of the EU ETS under Directive 2009/29/EC, covers the period 2013 to 2020 and instituted a number of program changes. EU Member States brought into
force the necessary laws, regulations and administrative provisions to comply with this EU Directive. Carbon and graphite </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>122</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>manufacturing
is still not a covered industry sector in the revised Annex&nbsp;1 of this Directive. However, one of our European manufacturing operations was required to comply with these provisions
under a more general fuel combustion category, because its combustion units met the applicability levels. The operations subject to these provisions was eligible to receive free CO<SUB>2</SUB>
emission allowances under the member state allocation program. On November&nbsp;9, 2017, to implement the EU's NDC under the Paris Agreement and other GHG commitments, the European Parliament and
Council announced a provisional agreement to revise and make more stringent the ETS during the Phase&nbsp;4 period of 2021 to 2030. Among other changes, the Phase&nbsp;4 provisions would further
accelerate reduction in the current oversupply of allowances in the ETS market and establish further protections against the risks of carbon leakage. Final agreement is expected to be approved and a
new EU Directive published during 2018. The EU's current target for 2030 is to achieve a GHG reduction of at least 40% compared to 1990 levels. Implementation of Phase&nbsp;4 could increase the cost
of our current GHG allowances and require us to obtain additional allowances. Based on information currently available to us, we believe that compliance with international accords, U.S. and foreign
laws and
regulations concerning Climate Change which have been promulgated, or that could be promulgated in the future, including Phase&nbsp;4 of the ETS, will not have a material adverse effect on us. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Some
of our products (including our raw materials) are subject to extensive environmental and industrial hygiene regulations governing the registration and safety analysis of their component
substances. For example, in connecting with the REACH or the EU's Classification, Labelling and Packaging Regulation, any key raw material, chemical or substance, including our products, could be
classified as having a toxicological or health-related impact on the environment, users of our products, or our employees. We process and use coal tar pitch, which is classified as a substance of very
high concern under REACH, is used in certain of our processes but in a manner that does not currently require us to obtain a specific authorization from ECHA. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Estimates
of future costs for compliance with U.S. and foreign environmental protection laws and regulations, and for environmental liabilities, are necessarily imprecise due to numerous
uncertainties, including the impact of potential new laws and regulations, the availability and application of new and diverse technologies, the extent of insurance coverage, the potential discovery
of contaminated properties, or the identification of new hazardous substance disposal sites at which we may be a PRP and, in the case of sites subject to the Superfund Act and similar state and
foreign laws, the final determination of remedial requirements and the ultimate allocation of costs among the PRPs. Subject to the inherent imprecision in estimating such future costs, but taking into
consideration our experience to date regarding environmental matters of a similar nature and facts currently known, we estimate that our costs and capital expenditures (in each case, before adjustment
for inflation) for environmental protection regulatory compliance programs and for remedial response actions will not be material over the next several years. Furthermore, we establish accruals for
environmental liabilities when it is probable that a liability has been or will be incurred, and the amount of the liability can be reasonably estimated. We adjust the accrual as new remedial actions
or other commitments are made, as well as when new information becomes available that changes the prior estimates previously made and we believe our existing accruals are reasonable. </FONT></P>

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Employee relations  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>As of December&nbsp;31, 2017, we had 1,310 employees (excluding contractors). A total of 431 employees were in Europe (including Russia),
678 were in Mexico and Brazil, 11 were in South Africa, 180 were in the United States and 10 were in the Asia Pacific region. As of December&nbsp;31, 2017, 783 of our employees were hourly
employees. </FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>As
of December&nbsp;31, 2017, approximately 718 employees, or 55%, of our worldwide employees, are covered by collective bargaining or similar agreements. As of December&nbsp;31, 2017,
approximately 716 employees, or 55% of our worldwide employees, were covered by agreements that expire, or are subject to renegotiation, at various times through December&nbsp;31, 2017. We believe
that, in general, our relationships with our unions are satisfactory and that we will be able to renew or extend our collective bargaining or similar agreements on reasonable terms as they expire. We
cannot assure, however, that renewed or extended agreements will be reached without a work stoppage or strike or will be reached on terms satisfactory to us. As of December 31, 2017, none of the
employees in our Seadrift plant or St. Marys facility were covered by collective bargaining or similar agreements. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
have not had any material work stoppages or strikes during the past decade. </FONT></P>

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Legal proceedings  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We are involved in various investigations, lawsuits, claims, demands, labor disputes and other legal proceedings, including with respect to
environmental and human exposure or other personal injury matters, arising out of or incidental to the conduct of our business. While it is not possible to determine the ultimate disposition of each
of these matters and proceedings, we do not believe that their ultimate disposition will have a material adverse effect on our financial position, results of operations or cash flows. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Litigation
has been pending in Brazil brought by employees seeking to recover additional amounts and interest thereon under certain wage increase provisions applicable in 1989 and 1990 under
collective bargaining agreements to which employers in the Bahia region of Brazil were a party (including our subsidiary in Brazil). Prior to October&nbsp;1, 2015, we were not party to such
litigation. Companies in Brazil have recently settled claims arising out of these provisions and, in May 2015, the litigation was remanded, in favor of the employees, by the Brazil Supreme Court to
the lower courts for further proceedings which included procedural aspects of the case, such as admissibility of instruments filed by the parties. On October&nbsp;1, 2015, an action was filed by
current and former employees against our subsidiary in Brazil to recover amounts under such provisions, plus interest thereon, which amounts together with interest could be material to us. In the
first quarter of 2017, the state court ruled in favor of the employees. We have
appealed this ruling and intend to vigorously defend it. As of the date of this prospectus we are unable to assess the potential loss associated with these proceedings as the claims do not currently
specify the number of employees seeking damages or the amount of damages being sought. </FONT></P>

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Industry    <BR>  </B></FONT></P>

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Graphite electrode industry  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Graphite electrodes are an industrial consumable product used primarily in EAF steel production. EAFs and BOFs are the two primary
technologies for steel production. In the EAF method, steel scrap is melted and recycled to produce liquid steel, while in the BOF method, virgin iron ore is smelted with metallurgical coke, a carbon
product derived from metallurgical coal. According to the WSA, in 2016, EAF steel producers accounted for 45%, or 367&nbsp;million MT, of global crude steel production (excluding China, which almost
exclusively uses the BOF method), an increase of 37% since 2000. EAFs have historically been the fastest-growing segment of the global steel industry due to their greater resilience, more variable
cost structure, lower capital intensity and more environmentally friendly nature. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>EAF
steel producers are the primary consumers of graphite electrodes, and use them to conduct electricity in a furnace, generating an electric arc of sufficient heat to melt scrap metal, iron ore or
other raw materials used to produce steel or other metals. EAFs operate using either alternating electric current or direct electric current. The vast majority of EAFs use alternating electric current
and typically use nine electrodes (in three columns of three electrodes each) at one time. Direct electric current EAFs typically use one column of three electrodes. Graphite electrodes are the only
known commercially available products that have both the capacity to handle high levels of electrical current and the capability to sustain the high levels of heat generated in EAF steel production,
making graphite electrodes essential to the EAF process. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
size of the electrodes varies depending on the size of the furnace, the size of the furnace's electric transformer and the planned productivity of the furnace. In a typical furnace using
alternating electric current and operating at a typical number of production cycles per day, three electrodes are fully consumed (requiring the addition of new electrodes), on average, every 8 to 10
operating hours. Graphite electrodes are consumed at a rate of approximately 1.7 kilograms per MT of steel production. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>The
actual rate of consumption and addition of electrodes for a particular furnace depends primarily on the efficiency and productivity of the furnace. Therefore, demand for graphite electrodes is
directly related to the amount and efficiency of EAF steel production. EAF steel production requires significant heat (as high as 5,000&deg; F)&nbsp;to melt the raw materials, primarily
scrap metal, in the furnace. Heat is generated as electricity (as much as 150,000 amps) passes through the electrodes and creates an electric arc between the electrodes and the raw materials. </FONT></P>

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Market size and major producers  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Electrode production globally (excluding China) is focused on the manufacture of UHP electrodes for EAFs, while the majority of Chinese
production is of ladle electrodes for BOFs. UHP electrodes must be able to endure more harsh operating environments than ladle electrodes, as EAFs melt solid scrap steel to a liquid state whereas BOF
ladle electrodes are used to maintain the temperature of steel already in a liquid state. UHP electrodes are more difficult to make and are sold at a premium relative to ladle electrodes because their
production requires an extensive proprietary manufacturing process and material science knowledge, including the use of superior needle coke blends. As a result, graphite electrode producers outside
of China and electrode producers in China are generally not in direct competition for major product lines. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>We
believe the worldwide graphite electrode production capacity (excluding China) was approximately 800,000 MT in 2016. We estimate the graphite electrode industry (excluding China) produced </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>125</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>approximately
730,000 MT of electrodes in 2017, resulting in a capacity utilization of approximately 90%. However, we believe that plants are currently running at or near full effective capacity, with
the industry further constrained by a limited supply of petroleum needle coke. The industry is fairly consolidated with the top five players producing approximately 83% of the total volume according
to management estimates. The five largest producers in the industry are Showa Denko K.K., GrafTech, Graphite India Limited, Tokai Carbon&nbsp;Co.,&nbsp;Ltd. and HEG&nbsp;Ltd. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
charts below shows management estimates for expected GrafTech and industry production capacity in the fourth quarter of 2018, following our operational improvement and debottlenecking initiative. </FONT></P>

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<U>Management estimates of 2017 graphite electrode industry production capacity and recent
closures (excluding China), including estimated GrafTech capacity expansions to be achieved by Q4 2018</U>  </B></FONT></P>

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<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>126</FONT></P>

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<U>Management estimates of graphite electrode industry production capacity (excluding China)
by Company&nbsp;at&nbsp;2018&nbsp;YE</U>  </B></FONT></P>

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<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(1)&nbsp;&nbsp;&nbsp;&nbsp;GrafTech production capacity of 230,000&nbsp;MT assumes restart of currently idled St.&nbsp;Marys facility  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(2)&nbsp;&nbsp;&nbsp;&nbsp;Excludes
production capacity figures related to Chinese operations  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">Source:
Public filings of competitors and management estimates </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Customers of UHP graphite electrode producers primarily include EAF steel producers across the Americas and EMEA. As the capacity utilization and production
levels for EAF steel producers have increased over the course of 2017, demand for graphite electrodes has exceeded current production capacity. Customers have historically procured graphite electrodes
through annual agreements negotiated in the third and fourth quarters of each calendar year for graphite electrodes to be delivered the following year. In light of recent market trends described
below, certainty of supply of graphite electrodes has become a critical concern for EAF steelmakers. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
believe that greenfield graphite electrode manufacturing projects have been difficult to develop due to significant capital costs, long lead times, technical know-how, and cumbersome permitting and
regulatory regimes. We believe the lead time from initial permitting to full production of a greenfield graphite electrode manufacturing facility would be approximately five to ten years and
potentially cost as much as approximately $10,000 per MT. Similarly, brownfield graphite electrode manufacturing development is complicated by significant capital costs. Only one greenfield project
and one brownfield expansion have been completed since the 1980s outside of China. Therefore, we believe that the industry does not currently have the ability to increase production capacity easily to
meet rising demand, resulting in a shortage of graphite electrodes. Additionally, graphite electrodes require petroleum needle coke, which is an essential raw material for production. Needle coke is
in short supply due to demand constraints explained below. </FONT></P>

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Restructuring of industry production capacity  </B></FONT></P>


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Supply trends  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>According to the WSA, between 1984 and 2011, EAF steel production has grown at 3.5% per year, encouraging the growth of the graphite electrode industry. The
rapid growth of Chinese steel production, primarily by the BOF method, created an oversupply in steel which led graphite electrode producers to rationalize production capacity and consolidate between
2014 and 2016, a phase which we believe has concluded with renewed EAF steel demand. In 2013, the graphite electrode industry (excluding China) had capacity to produce approximately 1.0&nbsp;million
MT of graphite electrodes across 30 graphite electrode </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>127</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>plants.
We estimate that, since the beginning of 2014, the industry has closed or repurposed approximately 20% of global production capacity outside of China, consisting of smaller, higher cost
facilities. Based on our experience, high capacity manufacturing facilities can have operating costs of more than $1,000 per MT lower than low capacity manufacturing facilities, encouraging producers
to consolidate facilities in order to reduce costs. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Following
this rationalization, we estimate that as of November 2017, global production capacity (outside of China) has fallen to approximately 800,000 MT across 21 graphite electrode plants operating
at or near full capacity. We believe the majority of this production capacity reduction is permanent due to the demolition, long-term environmental remediation and repurposing of most of these lower
capacity facilities. Additionally, in October 2017, Showa Denko, the industry's third largest producer, acquired SGL Carbon, the second largest producer. The consolidation and production capacity
reductions in the graphite electrode industry, along with the EAF industry's recovery since 2016, lead us to believe that the graphite electrode industry has recovered from the downturn and will
resume its long-term growth trajectory. </FONT></P>

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Demand trends  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our graphite electrodes are primarily used in the EAF steelmaking process, and global growth in that market has driven increasing demand for graphite
electrodes. EAF steelmaking has historically been the fastest-growing segment of the global steel market. According to the WSA, EAF steelmaking grew at an average annual rate of 3.5% from 1984, the
first year for which data is available for all relevant countries, until 2011, while overall steel production (using all methods) grew at an average annual rate of 2.9%. After average annual declines
in EAF steel production of 2.7% from 2011 through 2015, EAF steel production grew by 2.8% in 2016. We estimate EAF steel production grew at least 8% to 10% in 2017. CRU forecasts that EAF steel
production will grow at a compound annual growth rate of 4.9% from 2017 to 2019, which should provide additional support for graphite electrode demand. </FONT></P>

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<U>GrafTech is a market leader in a consolidated supply chain with a fragmented customer base: the
top 10 EAF steel producers globally accounted for 19% of global production capacity in 2017</U>  </B></FONT></P>

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<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">
Source: Wood MacKenzie </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>This growth has resulted from the development by EAF steelmakers of diversified raw material sources, including non-scrap materials rich in iron content, such
as direct reduced iron and hot briquetted iron. These high quality sources of iron, in addition to technological advances in the EAF process, have enabled EAF steel producers to produce higher quality
grades of steel traditionally produced by BOF steelmakers and to enter new markets as a result. EAF steelmakers have therefore been able to increase both market share and overall production. According
to the WSA, as of 2016, EAF steel production has grown to 67% of </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>128</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>total
U.S. steel production from 47% in 2000, 44% of total EMEA steel production from 33% in 2000, and 40% of total APAC (excluding China) steel production from 36% in 2000. Over the same period,
global EAF production increased from 287&nbsp;million MT in 2000 to 418&nbsp;million MT in 2016, while non-EAF steel production (excluding China) was flat at 453&nbsp;million MT in both 2000 and
2016. This ongoing shift toward EAF steelmaking has resulted in increasing demand globally for graphite electrodes. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>We
believe there is a particular opportunity for EAF steelmaking to take further market share in China as well. China's 12<SUP>th</SUP>&nbsp;Five-Year Plan, released in 2011, called for EAFs to
constitute 20% of overall steel production by 2020. According to the WSA, in 2016, Chinese EAF production was approximately 52&nbsp;million&nbsp;MT, or approximately 6% of China's total steel
production of 808&nbsp;million MT. If Chinese EAF steelmaking production capacity were to reach 20%, based on 2016 production levels, that would add approximately 110&nbsp;million&nbsp;MT of
additional EAF production, compared to 2016 EAF production in the next largest regions of approximately 64&nbsp;million&nbsp;MT in the EU, 55&nbsp;million MT in India and 53&nbsp;million MT in
the United States. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>While
China's 13<SUP>th</SUP>&nbsp;Five-Year Plan, released in March 2016, did not explicitly address the EAF target, it did emphasize the importance of environmental efforts, such that 10 of 25
targets in the plan were related to the environment. The Chinese government's increasing focus on the environment may eventually incentivize steelmakers to convert from BOFs to EAFs in order to
continue operating. Significant BOF capacity in the country has been shuttered since 2016 given increasing government-mandated environmental efforts. We estimate that at least 105 new EAFs, reflecting
66&nbsp;million MT of annual steelmaking production capacity, have been installed or have commenced construction in China in 2017, compared to only 52&nbsp;million MT of Chinese EAF steel
production in 2016. Assuming completion of new EAF construction and full EAF capacity utilization, we estimate total graphite electrode demand in China could increase in 2018 by over 100,000 MT from
2017. China's rapid increase in BOF steel production between 2000 and 2016 has created a significant new source of scrap, and China may become an exporter of steel scrap if it cannot develop its own
EAF industry. Chinese exports of scrap would introduce a new source of the key raw material for EAF steelmakers, further benefiting EAF steelmakers' cost advantage relative to BOF producers, both in
China and globally. Additional EAF production would increase demand for graphite electrodes. </FONT></P>

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<U>Management estimates of electrode industry capacity utilization (excluding
China)</U>  </B></FONT></P>

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Pricing trends  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Pricing for graphite electrodes is determined through contract negotiations and spot transactions between producers and consumers. Pricing has historically
been cyclical, reflecting the demand trends of the global EAF steelmaking industry and supply of graphite electrodes. Moreover, as petroleum needle coke reflects a significant percentage of the raw
material cost of graphite electrodes, graphite electrodes have typically been priced at a spread to petroleum needle coke. Over the period from 2006 to 2016, the average graphite electrode spread over
petroleum needle coke was approximately $3,000 per MT, on an inflation-adjusted basis using constant 2017 dollars. In tight demand markets, this spread has increased, resulting in higher graphite
electrode prices. We believe that the new source of demand for petroleum needle coke presented by lithium-ion battery producers for electric vehicles will place upward pressure on petroleum needle
coke pricing compared to historical levels. While there is no widely accepted graphite electrode reference price, we believe that our weighted average realized prices are indicative of prices in the
overall industry. Historically, between 2006 and 2016, our weighted average realized price of graphite electrodes was approximately $4,500 per MT (on an inflation-adjusted basis using constant 2017
dollars). </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>During
the most recent demand trough, our weighted average realized price of graphite electrodes fell to approximately $2,500 per MT in 2016. Following the significant rationalization of graphite
electrode production globally, the resumption of growth in EAF steel production, falling scrap prices, reductions in Chinese steel, and constrained supply of needle coke, graphite electrode spot
prices increased to $15,000 to $30,000 per MT in the first quarter of 2018. Looking beyond 2017, CRU expects graphite electrode prices to remain at elevated levels due to supply constraints and the
market to remain tighter for longer
as forecasts suggest that inventories will not be fully restocked until 2023. Nevertheless, because of the critical role of graphite electrodes to our customers' operations and the relatively low cost
of graphite electrodes to EAF producers (typically approximately 1% to 5% of the cost of steel production), our customers have been willing to pay a premium for a reliable supply of high quality
graphite electrodes, and, in some cases, to pass on the price of this premium to their customers in the form of surcharges, particularly in markets where EAF steelmakers have significant market share. </FONT></P>

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<U>GrafTech historical weighted average realized prices and signed three- to five-year weighted
average contract prices for graphite electrodes</U>  </B></FONT></P>

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<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(1)&nbsp;&nbsp;&nbsp;&nbsp;Weighted average realized price for a period reflects the total revenues from sales of graphite electrodes for the period divided by the graphite
electrode sales volume for that period. The weighted average realized prices in this chart are shown in constant 2017 dollars for comparability. See "Management's Discussion and Analysis of Financial
Condition and Results of Operations&#151;Key Operating Metrics."  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(2)&nbsp;&nbsp;&nbsp;&nbsp;Weighted
average contract price for a period reflects the volume-weighted average price for graphite electrodes to be delivered under the three- to five-year take-or-pay contracts we
have entered into as of March&nbsp;1, 2018. All of these contracts have fixed prices and either fixed volumes (85% of the portfolio) or a specified volume range (15% of the portfolio). For those
contracts with a specified volume range, weighted average contract prices are computed using the volume midpoint. The aggregate difference between the volume midpoint and the minimum and maximum
volumes across our cumulative portfolio of take-or-pay contracts with specified volume ranges is approximately 5,000 MT per year in 2019-2022. See "Business&#151;Contracts
and&nbsp;Customers." </FONT></P>

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Needle coke industry  </B></FONT></P>

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Introduction  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Needle coke is the primary raw material for the production of graphite electrodes used by EAF steelmakers and producers of aluminum, stainless
steel, silicon metals and other ferrous and non-ferrous metals, and is also a key raw material in the production of lithium-ion batteries used to power electric vehicles. Needle coke is derived from
two carbon sources. Petroleum needle coke is produced through a manufacturing process very similar to a refinery. The production process converts decant oil, a byproduct of the gasoline refining
process, into petroleum needle coke and generally takes two months to produce. Pitch needle coke, used principally by Asian graphite electrode manufacturers, is made from coal tar pitch, a byproduct
of coking metallurgical coal used in BOF steelmaking. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Graphite
electrode producers combine petroleum and pitch needle coke with binders and other ingredients to form graphite electrodes. Petroleum and pitch needle coke, relative to other varieties of
coke, are distinguished by their needle-like structure and their quality, which is measured by the presence of impurities, principally sulfur, nitrogen and ash. Petroleum and pitch needle coke are
typically low in these impurities. Additionally, the needle-like structure of petroleum and pitch needle coke creates expansion along the length of the electrode, rather than the width, which reduces
the likelihood of fractures. In order to minimize fractures caused by disproportionate expansion over the width of an electrode, and minimize the effect of impurities, large-diameter graphite
electrodes (18 inches to 32 inches) employed in high-intensity EAF applications are comprised almost exclusively of petroleum and pitch needle coke. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>131</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>The
process map below shows the raw materials required to make graphite electrodes, the various consumers of these raw materials, as well as the consumers of graphite electrodes. </FONT></P>

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<U>Graphite electrode industry production process</U>  </B></FONT></P>

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<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(1)&nbsp;&nbsp;&nbsp;&nbsp;Graphite electrode sales represent sales outside of China  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">Source:
Management estimates as of November&nbsp;30, 2017 </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Needle coke has historically accounted for 25% to 45% of our graphite electrode production cost and is the key input for graphite electrode production, with
roughly 1 MT of needle coke required for 1 MT of graphite electrode production. Previously, producers of petroleum needle coke typically agreed to supply petroleum needle coke in twelve-month
contracts; however, in 2017, producers of petroleum needle coke only agreed to six-month contracts, and we have received indications that in 2018, suppliers may offer only three-month contracts. As a
result, our competitors must continually renegotiate supply agreements in response to changing market conditions. We are substantially vertically integrated through our ownership of our Seadrift
facility, which provides approximately 75% of our needle coke requirements and insulates us from rapid changes in the needle coke market. </FONT></P>

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Market size and major producers  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We believe that the global market production for needle coke is approximately 820,000 MT annually. Petroleum needle coke contributes
approximately 80% to 85% of the production (or approximately 700,000&nbsp;MT) and pitch needle coke provides the remaining 15% to 20% of production (approximately 120,000 MT). Petroleum needle coke
is generally preferred by graphite electrode producers and manufacturers of lithium-ion batteries for electric vehicles in North America and Western Europe. Graphite electrode manufacturers prefer
petroleum needle coke because of the meaningfully longer bake and graphitizing time required for pitch needle coke and the subsequent impact on graphite electrode production throughput. Electric
vehicle manufacturers prefer petroleum needle coke in lithium-ion batteries </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>132</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>because
of its greater energy density, providing batteries with longer driving ranges and longevity. As a result of this preference by both graphite electrode and electric vehicle manufacturers,
demand for petroleum needle coke is expected to exceed supply beginning in 2018 and result in increased prices for both petroleum needle coke and graphite electrodes, as well as constrain
manufacturing capacity of graphite electrodes. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
needle coke industry is highly concentrated with approximately ten major producers of needle coke and only four major producers of petroleum needle coke (excluding one small facility in China).
These firms include Phillips 66 (U.S.), Seadrift (GrafTech), Petrocokes Japan Limited (Japan), JX Nippon Oil &amp; Energy Co., Ltd. (Japan) and Petrochina International Jinzhou&nbsp;Co.,&nbsp;Ltd.
(China), which produce petroleum needle coke, and Mitsubishi Chemical Company, Baosteel Group (China), C-Chem&nbsp;Co.,&nbsp;Ltd. (Japan), Indian Oil Company Limited (India), JX
Holdings&nbsp;Inc. (Japan), Petrochina International Jinzhou&nbsp;Co.,&nbsp;Ltd. (China) and
Anshan Kaitan Thermo-Energy New Materials&nbsp;Co.&nbsp;Ltd (China), which produce pitch needle coke. We believe that Phillips 66 and Seadrift are the largest and second largest needle coke
producers in the world, respectively. We estimate that Seadrift has approximately 19% global market share for petroleum needle coke. </FONT></P>


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<U>Petroleum needle coke industry production capacity (excluding China) in 2017 by
company</U>  </B></FONT></P>

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<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">
Source: Management estimates </FONT></P>

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Industry trends  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Petroleum needle coke production capacity, excluding China, has remained unchanged for at least the last 10&nbsp;years due to the capital
intensity, technical know-how and long lead times required to build greenfield needle coke production facilities and the stringent regulatory process associated with building new needle coke
production capacity. Furthermore, we believe that brownfield expansion opportunities are generally not available as petroleum needle coke manufacturing is a continuous process with significant costs
associated with shutting down and restarting facilities for maintenance or capital investment. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Supply
of pitch needle coke is also becoming constrained as coke batteries shut down. In the Americas, reduced operations or closures of BOF steel furnaces have reduced demand for metallurgical coke,
impacting the availability of supplies of coal tar pitch, used to produce pitch needle coke. Additionally, some producers of pitch needle coke for other metals industries, like aluminum, have chosen
to reduce their operations or exit the market. The remaining supply in North America has been inadequate to meet demand from the aluminum, graphite and other coal tar pitch end use sectors. We believe
similar trends </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>133</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>are
taking place in China, where rationalization of excess BOF steelmaking production capacity has reduced demand for coking coal, resulting in less coal tar pitch produced as a byproduct. These
closures have constrained supply within China and in countries that are dependent on Chinese exports of pitch needle coke. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>While
supply has become constrained, demand for petroleum needle coke is increasing due to the use of needle coke in lithium-ion batteries used in electric vehicles. The International Energy Agency
(or IEA) estimates that the global electric car stock exceeded two million vehicles in 2016, doubling from 2015 levels. The IEA further projects that the global electric car stock may range between
9&nbsp;million and 20&nbsp;million by 2020, and between 40&nbsp;million and 70&nbsp;million by 2025. Most electric vehicles rely on lithium-ion batteries as their key performance component. In
the last two years, manufacturers of lithium-ion batteries for electric vehicles have begun using needle coke instead of other forms of graphite as a raw material for carbon anodes in their batteries
due to technological advances and the consistent quality that needle coke provides. We expect that lithium-ion battery manufacturers will continue to prefer petroleum needle coke instead of pitch
needle coke for the majority of their supply, due to petroleum needle coke's better energy density and superior energy storage. These qualities provide lithium-ion batteries made with petroleum needle
coke with longer potential driving ranges and battery lives. Currently, we estimate that electric vehicles comprised approximately 60,000&nbsp;MT or 9% of the total demand for petroleum needle coke
in 2017, and we expect this percentage to increase to approximately 34% by 2020. Electric car sales increased 40% in 2017 and total needle coke demand is expected to reach approximately 340,000 MT by
2020. Of the approximately 80,000 MT of needle coke used in electric cars in 2017, approximately 60,000 MT was petroleum needle coke. As a result of the increased use of petroleum needle coke in
lithium-ion batteries for electric vehicles, as well as the recovering demand for graphite electrodes, we expect demand to exceed production capacity beginning in 2018. Based on IEA's estimates of
growth in electric vehicle stock to 2025, requirements for petroleum needle coke to fulfill demand would grow exponentially. Given the constraint of approximately 700,000 MT of petroleum needle coke
production capacity in 2017, we expect the dynamic of demand outpacing production capacity to continue well beyond 2018. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>134</FONT></P>

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<U>Illustrative electrical vehicle global annual deliveries</U>  </B></FONT></P>

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<U>Management estimates of petroleum needle coke industry demand and production
capacity</U>  </B></FONT></P>

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<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">
Source: Electric vehicle forecast based on IEA data (Global EV Outlook 2017); petroleum needle coke demand reflects management estimates. </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">Note:
Estimates of electric vehicle deliveries are based on the midpoint of IEA's estimate of electric vehicle stock range of 9&nbsp;million and 20&nbsp;million in 2020, 40&nbsp;million and
70&nbsp;million in 2025, and 56&nbsp;million and 160&nbsp;million in 2030; petroleum needle coke demand for lithium ion batteries in electric vehicles is based on management estimates of 40
kilograms of anode powder per electric vehicle (anode powder consumes 2 MT of needle coke per MT, with at least 75% of needle coke supply provided by petroleum needle coke). </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>135</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>As demand for both petroleum needle coke and pitch needle coke is outpacing supply in the intermediate term, needle coke prices have risen substantially.
Contracted petroleum needle coke prices increased significantly over the past two years and are reported to be four to six times higher in the current market compared to one year ago. Pitch needle
coke prices have increased at a faster rate relative to petroleum needle coke prices over the last year, however, as pitch needle coke suppliers have reduced or scaled back operations as reduced
supply of coal tar pitch has driven pitch needle coke raw material costs higher, while lower oil prices have made petroleum needle coke less expensive. In light of the constrained market and new
growth in demand from lithium-ion batteries, CRU estimates that 2017 needle coke prices have risen above $3,000 per MT in 2017 and will remain above $2,000 per MT through 2027, compared to an average
needle coke price of approximately $500 per MT in 2016. </FONT></P>

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EAF steel industry  </B></FONT></P>

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Emergence and initial period of growth  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>According to the WSA, global EAF production grew at a 3.5% compound annual growth rate from 1984 to 2011, while taking share from other
methods of steelmaking in most regions of the world, outside of China. From 1984 to 2016, EAF production increased from 178&nbsp;million MT to 418&nbsp;million MT while, during the same period,
steel produced by all other methods outside of China declined from 498&nbsp;million MT to 453&nbsp;million MT. EAFs benefit from their flexibility in sourcing iron units, being able to make steel
from either scrap or alternative sources of iron like direct reduced iron and hot briquetted iron, both made directly from iron ore. Most of the growth in EAF steelmaking has taken place in Western
Europe and North America, two regions with substantial amounts of scrap available for use in EAFs. </FONT></P>


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Global EAF steel production  </B></FONT></P>

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<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">
Source: World Steel Association </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>136</FONT></P>

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Industry disruption 2011 to 2015  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>According to the WSA, EAF steel production declined approximately 10% from 2011 to 2015, reversing a trend of annual growth from 1984 to 2011,
largely due to substantial increases in Chinese steel production. In 1984, China produced 21&nbsp;million MT of BOF steel, which by 2016 had grown to 757&nbsp;million MT, representing
approximately 94% of its total steel production. Growth in production capacity surpassed growth in demand, resulting in significant excess capacity within China and increased exports into global
markets. China net steel exports peaked at 112&nbsp;million MT in 2015. These exports negatively affected steel prices and led EAF producers to reduce production. In 2011, EAF production globally
was 454&nbsp;million MT representing 30% of global steel production, but by 2015, EAF production had declined to 407&nbsp;million MT, representing 25% of global steel production respectively.
Declining EAF production significantly impacted demand for our graphite electrode products. </FONT></P>

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EAFs recovering and positioned for long-term growth  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The EAF steel industry has recovered since the downturn from 2011 to 2015. EAF production started to recover in 2016 with growth of 2.8%,
according to the WSA. EAF production is now rebounding very strongly and we estimate that 2017 growth will be at least 8% to 10%. This recovery has taken place since China began in 2015 to restructure
its steel industry by encouraging consolidation and shutting down excess capacity. China has also begun to implement increased environmental regulations to improve air quality, which has been impacted
by CO<SUB>2</SUB> emissions associated with the burning of coal in BOF steelmaking. Additionally, developed economies such as North America and Western Europe have implemented trade decisions against
BOF steel-producing countries to protect their domestic steel industries against imports. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Since
2015, Chinese steel producers, which predominately use BOFs, have significantly reduced steel production due to government-mandated consolidation and elimination of excess steel production
capacity and increased environmental regulations. In September 2016, China's State Council called for 60% of steelmaking production capacity to be concentrated in the top 10 producers by 2020. The
first step in consolidation was the formation of China Baowu Steel Group Corp.,&nbsp;Ltd., a merger of BaoSteel Group Corp. and Wuhan Iron&nbsp;&amp; Steel (Group) Corp. (WISCO) in 2016. Since the
steps taken by China's State Council, it is estimated that China has decreased its official production capacity, primarily BOFs, by over 100&nbsp;million MT, and eliminated illegal induction furnace
capacity of 120&nbsp;million MT, based on data from S&amp;P Global Platts and the Ministry of Commerce of the People's Republic of China. These two steps together represent closure of approximately 20%
of Chinese steelmaking production capacity. As a result of Chinese regulatory reform and trade actions taken by developed markets (discussed below), in 2017, Chinese steel exports had
declined by more than 30% from 2016 levels. According to the U.S. International Trade Administration, Chinese steel exports have also fallen as a percentage of overall Chinese steel production for the
year-to-date 2017 (as of June), as exports as a share of Chinese production fell from 14.0% to 9.5% year over year. As of October 2017, Chinese steel imports had increased significantly
year-over-year, including a 64% year-over-year increase in semi-finished steel billet imports. Declining Chinese steel exports and </FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>increasing
steel imports may provide additional opportunity for EAF producers outside of China to increase production. </FONT></P>
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<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">Sources: Reuters; S&amp;P Global Platts; GrafTech estimates </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Global anti-dumping actions taken by developed markets against BOF producing countries, such as China, Japan, Brazil and Korea, have also reduced exports of BOF
steel from these markets into North America and Western Europe. According to the U.S. Department of Commerce, through June&nbsp;1, 2017, more than 94 anti-dumping duties, 23 countervailing duties,
and four suspension agreements and undertakings, have been imposed against Chinese steel mill products by 17 countries and economic zones. Similarly, there have been 53 similar actions applied to
Korean steel mill products, 30 actions applied to Japanese steel mill products, and 12 actions applied to Brazilian steel mill products. These anti-dumping and countervailing duty investigations and
decisions have increased the cost of imported steel, benefiting domestic steel producers. As the steel-exporting countries primarily rely on the BOF method, and North America and Western Europe are
regions with the greatest share of EAF steel production, these trade decisions have supported demand for EAF steel and graphite electrodes. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>As
a result of policy and structure changes in China and trade policy actions globally, EAFs are regaining market share. We estimate that EAF steelmaking grew at an annual pace of at least 8% to 10%
in 2017, compared with 5% for steelmaking overall. </FONT></P>

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Outlook  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We expect EAF steel production to continue to grow globally. In 2000, according to the WSA, EAF steel production represented 47% of total U.S.
steel production, increasing to 67% of total U.S. steel production by 2016. In absolute terms, total EAF production in the United States increased from 48&nbsp;million MT in 2000 to
53&nbsp;million MT in 2016. In 2000, EAF steel production reflected 33% of total EMEA steel production, increasing to 44% of total EMEA steel production by 2016. This represented an increase in
total EAF production in EMEA from 111&nbsp;million MT in 2000 to 152&nbsp;million MT in 2016. In 2000, 36% of total APAC (excluding China) steel production was by the EAF method, representing
77&nbsp;million MT of EAF production. This share of production increased only to 40% of total APAC (excluding China) steel production by 2016; however, this represents 129&nbsp;million MT of EAF
production, or an incremental increase of 52&nbsp;million MT. As a result, we believe there is substantial opportunity for trends in the U.S. and EMEA steel markets to replicate elsewhere. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>China
also represents a significant opportunity for EAF growth and market share expansion. Chinese steel production today is substantially through the BOF method, but increasing focus on environmental
protection within China may encourage conversion from BOFs to EAFs. In its 12<SUP>th</SUP>&nbsp;Five-Year Plan, the Chinese government set a goal of achieving 20% EAF market share by 2020. While
China's 13<SUP>th</SUP>&nbsp;Five-Year Plan, released in March 2016, did not explicitly address the EAF target, it did emphasize the importance of environmental efforts, such that 10 of 25
targets in the plan were related to the environment. The government's increasing focus on the environment may eventually incentivize steelmakers to convert from BOFs to EAFs in order to continue
operating. Additionally, the rapid historical increase in Chinese steel production has resulted in increasing supplies of scrap, making EAFs more cost attractive relative to BOFs. According to
McKinsey, so much scrap is expected to become available that EAF production capacity in China would need to triple by 2020 to keep pace. Steel producers may conclude that lower-capital intensity
mini-mills are more attractive investment opportunities than rebuilding blast furnaces as they age, further supporting demand for graphite electrodes. This conversion may already be underway. We
estimate that at least 105 new EAFs, reflecting 66&nbsp;million MT of annual steelmaking production capacity, have been installed or have commenced construction in China in 2017, compared to only
52&nbsp;million MT of Chinese EAF steel production in 2016. Assuming completion of new EAF construction and full EAF capacity utilization, we estimate total graphite electrode demand in China could
increase in 2018 by over 100,000 MT from 2017. </FONT></P>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><B><U>Chinese steel production 2000-2016</U></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><B> <U>Chinese scrap availability 2000-2030E</U></B></FONT></TD>
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<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">Sources: World Steel Association; McKinsey; GrafTech estimates </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>139</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A> </FONT></P>

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Management    <BR>  </B></FONT></P>

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Directors and executive officers  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The following table sets forth the name, age and position of our directors, director nominees, and executive officers. The following also
includes certain information regarding our directors', director nominees' and executive officers' individual experience, qualifications, attributes and skills, and brief statements of those aspects of
our directors' and director nominees' backgrounds that led us to conclude that they should serve as directors. </FONT></P>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2><B>Name</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>Age</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2><B>Position </B></FONT><BR></TH>
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<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:arial;"><FONT SIZE=2>


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 Denis A. Turcotte</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>56</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>Chairman and Director</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><FONT SIZE=2>David J. Rintoul</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>60</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>Director, President and Chief Executive Officer (or CEO)</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:arial;"><FONT SIZE=2>


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 Jeffrey C. Dutton</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>55</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><FONT SIZE=2>Ron A. Bloom</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>62</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:arial;"><FONT SIZE=2>


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 Quinn J. Coburn</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>54</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>Vice President, Chief Financial Officer (or CFO) and Treasurer</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><FONT SIZE=2>Brian L. Acton</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>66</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>Director Nominee</FONT></TD>
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 Michel J. Dumas</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>59</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>Director Nominee</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><FONT SIZE=2>Anthony R. Taccone</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>57</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>Director Nominee </FONT></TD>
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 <P style="font-family:arial;"><FONT SIZE=2><I>Denis A. Turcotte</I></FONT><FONT SIZE=2> was elected to the board of directors in August 2015 and became Chairman of the Company's board of directors in March 2018.
Mr.&nbsp;Turcotte is currently a Managing Partner at Brookfield. Prior to joining Brookfield in 2017, Mr.&nbsp;Turcotte was president and chief executive officer of North Channel Management and
North Channel Capital Partners, business consulting and private investing firms, from 2008 to 2017. He was also a member of the board of directors of the general partner of Brookfield Business
Partners&nbsp;L.P., an affiliate of Brookfield, from 2016 until he joined Brookfield in 2017. From 2002 to 2008, Mr.&nbsp;Turcotte was the president and CEO and a director of Algoma
Steel&nbsp;Inc., a publicly listed North American steel company, and from 1992 to 2002 held a number of senior executive positions with companies in the pulp and paper industry, including president
of the paper group and executive vice-president of corporate development and strategy of Tembec&nbsp;Inc., a leading integrated forest products company with operations in North America and France.
Since 2012 and 2007, Mr.&nbsp;Turcotte has been a member of the board of directors for Norbord&nbsp;Inc. and Domtar Corporation, respectively. He was previously a member of the board of directors
for Coalspur Mines,&nbsp;Ltd. from 2010 to 2015 and Algoma Steel&nbsp;Inc. from 2002 to 2008. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I>David J. Rintoul</I></FONT><FONT SIZE=2> became President and CEO and was elected to the board of directors in March 2018. Prior to joining the Company, Mr.&nbsp;Rintoul
served as President of U.S. Steel Tubular Products and as a Senior Vice President of United States Steel Corporation (or U.S. Steel). Before that, Mr.&nbsp;Rintoul has served in various roles at
U.S. Steel since 2007, including oversight of U.S. Steel's Slovak and Serbian operations. Mr.&nbsp;Rintoul's career in the steel industry spans 38&nbsp;years with positions at both integrated and
mini mill producers in the United States, Europe and Canada, including extensive mini-mill operational experience at North Star Bluescope Steel in Delta, Ohio from 2001 to 2005 and from construction
through full operations
at Acme Steel Company in Riverdale, Illinois from 1995 to 2001. Mr.&nbsp;Rintoul holds an Associate's degree in Mechanical Engineering Technology from Sault College of Applied Arts and Technology, a
Bachelor's degree in Business Administration from Lake Superior State University and a Master's degree in Business Administration from the University of Notre Dame. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>140</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2><I>Jeffrey C. Dutton</I></FONT><FONT SIZE=2> was elected to the board of directors in 2017. Previously, Mr.&nbsp;Dutton served as President and CEO of the Company from January
2017 until March 2017 and Vice President&nbsp;&amp; Chief Operating Officer of the Company from August 2015 until January 2017. In these roles, Mr. Dutton oversaw all aspects of both the Industrial
Materials and Engineered Solutions businesses. Mr.&nbsp;Dutton has served as Senior Vice President of Brookfield since 2013. Brookfield became GrafTech's indirect parent company in August 2015.
Mr.&nbsp;Dutton served as the CEO and President of Twin Rivers Paper Company, from 2010 to 2013. Mr.&nbsp;Dutton served in various executive capacities at Fraser Papers&nbsp;Inc. from 2008 to
2010 and as General Manager of East Papers operations at Fraser Papers&nbsp;Inc. from 2006 to 2008. He served as President of Republic Paperboard Company of Eagle Materials&nbsp;Inc. from 2004 to
2006. Mr.&nbsp;Dutton served as a director of Twin Rivers Paper Company in 2013 and has served as a director of the Hammerstone Corporation since 2014. Mr.&nbsp;Dutton received his Bachelor of
Science in Mechanical Engineering Technology from the University of Maine. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I>Ron A. Bloom</I></FONT><FONT SIZE=2> was elected to the board of directors in February 2017. Since 2016, Mr.&nbsp;Bloom has been a Managing Partner and Vice Chairman at
Brookfield, where he focuses on managing the firm's private equity investments. Prior to joining Brookfield in 2016, from 2012 to 2016, Mr.&nbsp;Bloom was Vice Chairman, U.S. Investment Banking, at
Lazard, focused on restructurings, and mergers and acquisitions. Prior to joining Lazard, Mr.&nbsp;Bloom served as Assistant to the President for Manufacturing Policy from February&nbsp;2011 to
August&nbsp;2011 where he provided leadership on policy development and strategic planning for the Administration's agenda to revitalize the manufacturing sector. He led the discussions with the
auto industry which resulted in the industry's support for new fuel economy standards. Prior to joining the White House, Mr.&nbsp;Bloom served as Senior Advisor to the Secretary of the Treasury from
2009 to 2011 where he helped lead the restructuring of General Motors and Chrysler&nbsp;LLC, and then led the Treasury's oversight of the companies thereafter, including General Motors' initial
public offering. Mr.&nbsp;Bloom received his undergraduate degree from Wesleyan University and graduated with distinction from the Harvard Graduate School of Business Administration. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2><I>Quinn J. Coburn</I></FONT><FONT SIZE=2> became CFO in September 2015. Mr.&nbsp;Coburn served as interim CFO beginning in May 2015 after previously serving as Vice President
of Finance and Treasurer. He joined the Company in August 2010 after working at NCR Corporation from December 1992 until August 2010, including service as that company's Vice President and Treasurer.
Mr.&nbsp;Coburn graduated with a B.S. in Accounting from Utah State University in 1988. He received an MBA from University of Pennsylvania's The Wharton School in 1992. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I>Brian L. Acton</I></FONT><FONT SIZE=2> is expected to be elected to the board of directors immediately following this offering. Mr.&nbsp;Acton has more than 25&nbsp;years'
experience in the mining and bulk materials distribution industry, primarily devoted to marketing coal, petroleum coke and other raw materials. Mr.&nbsp;Acton has extensive experience as a
distribution and logistics provider to the coal industry throughout Canada and South America, Asia and Europe. Since August&nbsp;2013, Mr.&nbsp;Acton has served as President at Pac Basin
Resources&nbsp;LLC, a mining and metals company. From July&nbsp;2010 to June&nbsp;2013, Mr.&nbsp;Acton served as a consultant to Oxbow Carbon&nbsp;&amp; Minerals Holdings,&nbsp;Inc. From 1996
to 2009, Mr.&nbsp;Acton served as President and COO of Oxbow Carbon and Minerals Holdings,&nbsp;Inc. and as President and Chief Operating Officer at Oxbow Energy Solutions,&nbsp;LLC from 1985
until 2010. Mr.&nbsp;Acton has more than 25&nbsp;years' experience in the mining and bulk materials distribution industry, primarily devoted to marketing coal, petroleum coke and other raw
materials. Mr.&nbsp;Acton has extensive experience as a distribution and logistics provider to the coal industry throughout Canada and South America, Asia and Europe. Mr.&nbsp;Acton served on the
board of directors of Adriana Resources Inc. from March 2012 to February 2017. While on the board of directors, Mr.&nbsp;Acton served as Chair of the Compensation Committee from 2012 to 2017 and as
a member of the </FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>Audit
Committee from 2014 to 2017. Mr.&nbsp;Acton is a graduate of Queen's University with both a Bachelors of Science in Mining Engineering and Applied Science and a Masters in Business
Administration. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I>Michel J. Dumas</I></FONT><FONT SIZE=2> is expected to be elected to the board of directors immediately following this offering. Mr.&nbsp;Dumas has over thirty years of
experience in the lumber, pulp and paper industries. From 1997 until 2017, Mr.&nbsp;Dumas served as the Executive Vice President, Finance and Chief Financial Officer of Tembec,&nbsp;Inc., based in
Quebec. Mr.&nbsp;Dumas also served on the board of directors of Tembec,&nbsp;Inc. from January&nbsp;2011 to February&nbsp;2017 and from July&nbsp;2001 to September&nbsp;2008.
Mr.&nbsp;Dumas served as a director of Marathon Pulp&nbsp;Inc. from February&nbsp;2000 to February&nbsp;2009 and of Jager Building Systems from August&nbsp;2001 to September&nbsp;2008.
From 1991 to 1997, Mr.&nbsp;Dumas was Vice President, Finance and Chief Financial Officer at Spruce Falls&nbsp;Inc., a newsprint mill. Prior to joining Spruce Falls&nbsp;Inc., from 1985 to 1991,
Mr.&nbsp;Dumas served as Controller at Tembec,&nbsp;Inc. Mr.&nbsp;Dumas received his undergraduate degree in Commerce from University of&nbsp;Ottawa. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I>Anthony R. Taccone</I></FONT><FONT SIZE=2> is expected to be elected to the board of directors immediately following this offering. Mr.&nbsp;Taccone has over thirty years of
experience consulting to companies in the global steel industry and companies with interests in the steel industry, including suppliers, customers and investors. Since March&nbsp;1998,
Mr.&nbsp;Taccone has served as a Founding Partner and co-owner of First River&nbsp;LLC, a boutique strategy consulting firm. While at First River, Mr.&nbsp;Taccone has worked with senior
management teams, boards of directors, investors and government agencies on challenging and complex issues facing companies in the steel industry, including financial restructurings, capacity
rationalizations, mergers and acquisitions, major capital investment decisions, raw material integration strategies, and investments in downstream businesses. Prior to joining First River,
Mr.&nbsp;Taccone was a strategy consultant at Beddows&nbsp;&amp;
Company from 1988 to 1998. From 1994 until 1998, Mr.&nbsp;Taccone was the North American practice leader and served on Beddows and Company's Board of Directors. Prior to his career as a steel
industry consultant, Mr.&nbsp;Taccone worked as a Country Risk Economist from 1985 to 1987 and an Industry Economist from 1987 to 1988 at Mellon Bank. Mr.&nbsp;Taccone received his undergraduate
degree in economics from Washington&nbsp;&amp; Jefferson College and a Masters degree in economics from Duke University. </FONT></P>


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Board of directors  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our business and affairs are managed under the direction of our board of directors. Under our By-Laws, the number of directors constituting
the entire board of directors shall be three, or such other number as may be fixed from time to time by action of the board of directors. Currently, the directors are elected at the annual meeting of
the stockholders for one-year terms until their successors are duly elected and qualified. The board of directors currently consists of four members. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
connection with this offering, we intend to adopt the Amended Certificate of Incorporation and the Amended By-Laws. Under our Amended Certificate of Incorporation, the number of directors will be
fixed by our board of directors but will not be fewer than three directors. Within one year of the consummation of this offering, our board of directors will consist of eight members. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our
Amended Certificate of Incorporation will provide that our board of directors be divided into three classes of directors, with the classes to be as nearly equal in number as possible, and with the
directors serving three-year terms. Only one class of directors will be elected at each annual meeting of our </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>142</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>stockholders,
with the other classes continuing for the remainder of their respective three-year terms. Our directors will be divided among the three classes as
follows:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the Class&nbsp;I directors will be Denis A. Turcotte and Michel J. Dumas, and their terms will expire at the annual meeting of stockholders
to be held in 2019; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the Class&nbsp;II directors will be Ron A. Bloom, Brian L. Acton and David J. Rintoul, and their terms will expire at the annual meeting of
stockholders to be held in 2020; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the Class&nbsp;III directors will be Jeffrey C. Dutton and Anthony R. Taccone and their terms will expire at the annual meeting of
stockholders to be held in 2021; </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>Any
increase or decrease in the number of directors will be distributed among the three classes so that, as nearly as possible, each class will consist of one-third of the directors. While Brookfield
owns more than 50% of our outstanding common stock, the classification of the board of directors and the other provisions of the Amended Certificate of Incorporation may be amended by the affirmative
vote of the holders of a majority of the voting power of our outstanding common stock. After the selling stockholder ceases to own more than 50% of our outstanding common stock, these provisions may
be amended only by the affirmative vote of the holders of 66<SUP>2</SUP>/<SMALL>3</SMALL>% or more of the voting power of our outstanding common stock. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>If
the total number of shares voted in favor of a director nominee in an uncontested election represents less than a majority of the total shares voted or withheld for such director nominee, the
director nominee will tender his or her resignation immediately after the shareholder meeting and our board will determine whether to accept the resignation within 90&nbsp;days of the shareholder
meeting. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
and the selling stockholder intend to enter into a stockholder rights agreement (or the Stockholder Rights Agreement) in connection with this offering. Under the Stockholder Rights Agreement, for
so long as the selling stockholder owns or controls at least 25% of our outstanding common stock, the selling stockholder will have the right to nominate the higher of 37.5% of the members of the
board of directors and three members of the board of directors (which we refer to as the Brookfield directors), and one Brookfield director will be in each class. The selling stockholder will also
have the right to select the chairman of the board of directors. In the event the selling stockholder owns or controls less than 25% of our outstanding common stock, the Brookfield directors will
promptly tender their resignations. The board of directors (excluding the Brookfield directors) will have the option, but not the obligation, to accept the Brookfield directors' resignations. If the
board of directors (excluding the Brookfield directors) votes to accept these resignations, the Brookfield directors will cease to be members of the board of directors. If the board of directors
(excluding the Brookfield directors) votes not to accept these resignations, the Brookfield directors will continue to serve as members of the board of directors until the next annual meeting of our
stockholders, regardless of the time remaining in their respective terms of office. The Stockholder Rights Agreement provides that the initial board members designated by the selling
stockholder shall be Denis A. Turcotte, Ron A. Bloom and Jeffrey C. Dutton. For more information regarding the Stockholder Rights Agreement, see "Certain Relationships and Related Party Transactions." </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>Our
Amended Certificate of Incorporation will provide that while the selling shareholder owns more than 50% of our outstanding common stock, at any meeting of our board of directors, the presence of
(i)&nbsp;a majority of the total number of directors and (ii)&nbsp;one Brookfield director will be required to constitute a quorum. After the selling shareholder ceases to own more than 50% of our
outstanding common stock, the presence of a majority of the total number of directors will be required to constitute a quorum. </FONT></P>

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Director independence  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Because the selling stockholder will own a majority of our outstanding common stock following the completion of this offering, we will be a
"controlled company" as that term is set forth in the NYSE corporate governance standards. Under these rules, a "controlled company" may elect not to comply with certain corporate governance
requirements, including: (i)&nbsp;the requirement that a majority of our board of directors consist of independent directors, (ii)&nbsp;the requirement that our governance committee be composed
entirely of independent directors with a written charter addressing the committee's purpose and responsibilities, and (iii)&nbsp;the requirement that our compensation committee be composed entirely
of independent directors with a written charter addressing the committee's purpose and responsibilities. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>However,
as a "controlled company," we must comply with the rules applicable to audit committees set forth in the NYSE corporate governance standards. We intend for all three members of our audit
committee to be independent upon the consummation of this offering. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Within
one year of the consummation of this offering, our board will consist of eight members, four of whom will qualify as "independent" under the NYSE listing standards. At the time of the
consummation of this offering, three members of the board of directors will qualify as "independent" under the NYSE listing standards. Our board of directors has undertaken a review of the
independence of each director. Based on information provided by each director concerning his or her background, employment and affiliations, our board of directors has determined that Michel&nbsp;J.
Dumas, Brian&nbsp;L. Acton and Anthony&nbsp;R. Taccone do not have a relationship that would interfere with the exercise of independent judgment in carrying out the
responsibilities of a director and that each of these directors is "independent" as that term is defined under the listing standards of the NYSE. In making these determinations, our board of directors
considered the current and prior relationships that each director has with our Company and all other facts and circumstances our board of directors deemed relevant in determining their independence,
including the beneficial ownership of our capital stock by each director, and the transactions involving them described in "&#151;Director Compensation" and "Certain Relationships and Related
Party Transactions." </FONT></P>

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Committees of the board of directors  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The board of directors intends to establish two standing committees to assist it in carrying out its responsibilities: the audit committee and
the governance and compensation committee. In the event the Company ceases to be a "controlled company" pursuant to the NYSE corporate governance standards, the board of directors will establish a
separate nominating and governance committee and a compensation committee. Each of the committees will operate under its own written charter adopted by the board of directors. The membership and the
function of each of the committees are described below. </FONT></P>

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Audit committee  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The audit committee:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> appoints the independent auditor annually; monitors the quality of the work of the independent auditor, monitors their independence and
replaces them as necessary in the sole judgment of the committee; pre-approves the audit plan (including services relating to internal controls over financial reporting), any proposed audit-related,
tax and other services and pre-approves all related compensation; reviews with the auditor the results of the annual audit; reviews with the auditor any review of the quarterly financial statements
that the committee may direct the auditor to perform; </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>144</FONT></P>

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<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> approves the annual corporate audit services plan and budget; reviews with the senior corporate audit services executive the results of the
audit work at least annually and more frequently as provided in the policy for reporting financial accounting and auditing concerns, as approved by the committee; at least annually reviews the
performance of the corporate audit services team; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> reviews and discusses with management and the independent auditor the annual audited financial statements and the adequacy of the internal
controls over financial reporting; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> discusses with management and the independent auditor significant financial reporting issues and judgments made in connection with the
preparation of our financial statements, including any significant changes in our selection or application of accounting principles, any significant issues (material weaknesses or significant
deficiencies as such terms are defined in the Sarbanes-Oxley Act) as to the adequacy of our accounting controls and any remediation used in connection with any such issues; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> oversees company policies and practices with respect to financial risk assessment and risk management; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> regularly reports its work to the board. </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>Immediately
following the consummation of this offering, the members of the audit committee will be Michel&nbsp;J. Dumas (Chair), Brian&nbsp;L. Acton and Anthony&nbsp;R. Taccone. Our board of
directors has determined that (i)&nbsp;Michel&nbsp;J. Dumas, Brian&nbsp;L. Acton and Anthony&nbsp;R. Taccone will be independent directors, (ii)&nbsp;each director appointed to the audit
committee is financially literate and (iii)&nbsp;Michel J. Dumas is our audit committee financial expert. Our audit committee will operate under a written charter, to be effective prior to the
consummation of this offering, that satisfies the applicable rules of the SEC and the NYSE listing standards. </FONT></P>

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Governance and compensation committee  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The governance and compensation committee:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> recommends to the board principles of corporate governance applicable to us; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> oversees the processes established by management regarding compliance with legal and regulatory requirements and ethical programs and policies
as established by management and the board, including without limitation, our Code of Conduct and Ethics, our compliance program and our regulatory and quality compliance initiatives; and oversees
management's establishment of a process for reporting these matters to the audit committee, other board committees or the full board as appropriate; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> receives regular reports from our general counsel regarding material legal disputes and matters in litigation; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> reviews and makes recommendations to the board regarding the size and structure of the board and the committees of the board; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> determines the process for the annual self-assessments of the board and its committees and oversees the implementation and reporting back of
the results; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> reviews and makes recommendations to the board regarding leadership and membership of committees of the board; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> develops and administers the process and criteria for selecting new directors and nominees for vacancies on the board and candidates for board
membership; </FONT></DD></DL>
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<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> with advice of outside counsel, (a)&nbsp;establishes a process for overseeing potential conflicts of interest between the company and
directors and the company and members of management, and (b)&nbsp;considers at least annually the independence of directors; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> regularly reports its activities to the board; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> recommends to the board of directors remuneration of the chief executive officer and determines remuneration of our other officers elected by
the board of directors; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> conducts evaluation of the chief executive officer for submission to the board of directors; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> grants options under and otherwise administers our stock incentive plans and approves and administers any other compensation plan in which our
officers participate; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> reviews succession planning for the chief executive officer and senior executives, and reports on such matters to the board of directors; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> retains compensation consultants and obtains advice from internal or external advisors, as necessary; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> presents the annual Compensation Committee Report on Executive Compensation for our proxy statement; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> reviews its own performance annually. </FONT></DD></DL>


<P style="font-family:arial;"><FONT SIZE=2>The
governance and compensation committee will consist of four directors, two of whom will qualify as "independent" under the NYSE listing standards and two of whom will be appointed by Brookfield. In
the event the Company ceases to be a "controlled company" pursuant to the NYSE corporate governance standards, the board of directors will establish a separate nominating and governance committee and
a compensation committee. Each such committee will consist of three directors, each of whom will qualify as "independent" under the NYSE listing standards. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
members of the governance and compensation committee will be Ron A. Bloom (chair), Denis A. Turcotte, Brian&nbsp;L. Acton and Anthony&nbsp;R. Taccone. Our board of directors has determined
that Brian&nbsp;L. Acton and Anthony&nbsp;R. Taccone will be independent directors. Our governance and compensation committee will operate under a written charter, to be effective upon the
consummation of this offering, that satisfies the applicable rules of the SEC and the NYSE listing standards. </FONT></P>

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Governance and compensation committee interlocks and insider participation  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>None. </FONT></P>

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Code of conduct and ethics  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our board of directors has adopted a code of conduct and ethics applicable to our employees, directors and officers, in accordance with
applicable U.S. federal securities laws and the corporate governance rules of the NYSE. Any waiver or amendment of this code may be made only by our board of directors and will be promptly disclosed
as required by applicable U.S. federal securities laws and the corporate governance rules of the&nbsp;NYSE. </FONT></P>

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Executive compensation    <BR>  </B></FONT></P>

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Leadership Changes  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>On January&nbsp;31, 2018, the Company announced that David J. Rintoul will join the Company as President and CEO of the Company, effective
March&nbsp;1, 2018, replacing Jeffrey C. Dutton. Mr.&nbsp;Dutton continues to serve as a director on the Company's Board of Directors and Mr.&nbsp;Rintoul was elected a director, effective
March&nbsp;1, 2018. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>On
March&nbsp;1, 2018, the Company and Mr.&nbsp;Rintoul entered into an employment agreement that governs the terms and conditions of his employment as President and CEO of the Company (or
the&nbsp;Agreement). The Agreement provides that Mr.&nbsp;Rintoul is entitled to an annual base salary of $625,000 and will participate in the Company's short-term incentive plan (with a target
bonus of 100% of base salary). The Agreement also provides that Mr.&nbsp;Rintoul will receive a one-time grant of stock options (or the&nbsp;Options) to purchase shares pursuant to an equity plan
adopted by the Company (as described below), with a value on the date of grant equal to ten times his annual base salary and an exercise price per share equal to the initial public offering price. The
Agreement provides that the Options will vest ratably over the five year period following the date of grant, subject to acceleration under certain circumstances, including in the event Brookfield and
its affiliates cease to own at least 35% of the Company's stock or any other person or group acquires more than fifty 50% of the Company's stock. In addition, Mr.&nbsp;Rintoul will be eligible to
participate in Company-sponsored benefits, including health benefits, a 401(k) plan (including a 4% Company cash match on eligible employee contributions and a defined contribution retirement plan
(with a 1% contribution on eligible earnings). The Company will reimburse Mr.&nbsp;Rintoul for reasonable expenses relating to his relocation, as well as up to $75,000 for losses associated with the
sale of his home. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
the event that Mr.&nbsp;Rintoul's employment is terminated by Mr.&nbsp;Rintoul for "Good Reason" (as&nbsp;defined in the Agreement) or by the Company for a reason other than "Cause"
(as&nbsp;defined in the Agreement) or Mr.&nbsp;Rintoul's death or disability, the Company will pay Mr.&nbsp;Rintoul his base salary for one year plus annual bonus, subject to his execution of a
release agreement. The Agreement provides that Mr.&nbsp;Rintoul is subject to non-compete and non-solicitation covenants during his employment and for a period of two years following termination of
his employment, as well as a non-disparagement covenant. </FONT></P>

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Named executive officers  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We are currently considered an emerging growth company for purposes of the SEC's executive compensation disclosure rules. Accordingly, our
compensation disclosure obligations are more
limited and extend only to any individual serving as our chief executive officer, our two other most highly compensated executive officers at the end of the 2017 fiscal year and two additional
individuals for whom disclosure would have been provided but for the fact that the individuals were not serving as executive officers as of the end of the 2017 fiscal year. During 2017, our named
executive officers were:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Joel L. Hawthorne, former President and Chief Executive Officer; </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Jeffrey C. Dutton, former President and Chief Executive Officer;
</FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Quinn J. Coburn, Vice President, CFO and Treasurer; </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Darrell A. Blair, former President&#151;Industrial Materials; and
</FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;">
<FONT SIZE=2> Lionel D. Batty, former President&#151;Engineered Solutions </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>147</FONT></P>

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Summary compensation table  </B></FONT></P>
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<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
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<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
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<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Name and principal position</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Year</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>
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<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
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Bonus($)</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>All other<BR>
compensation<SUP>(6)</SUP>($)</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
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Total($) </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
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<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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</FONT> <FONT SIZE=2><B>Joel L. Hawthorne</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2017</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>138,204</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2,973,534</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>3,111,738</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Former President and CEO<SUP>(1)</SUP></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2016</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>700,000</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>14,443</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>714,443</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-top:13pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Jeffrey C. Dutton</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2><BR>
2017</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2><BR>
425,000</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2><BR>
44,680</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2><BR>
469,680</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Former President and CEO<SUP>(2)</SUP></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2016</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>410,000</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>41,574</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>451,574</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-top:13pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>Quinn Coburn</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2><BR>
2017</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2><BR>
360,000</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2><BR>
402,480</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2><BR>
16,451</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2><BR>
778,931</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Vice President, CFO and Treasurer</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2016</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>360,000</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>73,710</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>14,548</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>448,528</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-top:13pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Darrell A. Blair</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2><BR>
2017</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2><BR>
67,002</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2><BR>
1,458,860</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2><BR>
1,525,862</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Former President, Industrial Materials<SUP>(3)(4)</SUP></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2016</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>394,400</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>73,061</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>61,504</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>528,965</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-top:13pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>Lionel D. Batty</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2><BR>
2017</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2><BR>
37,500</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2><BR>
1,039,786</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2><BR>
1,077,286</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 Former President, Engineered Solutions<SUP>(5)</SUP></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2016</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>300,000</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>57,050</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>11,543</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>368,593 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


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<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(1)&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Hawthorne
submitted his resignation on January&nbsp;11, 2017, effective as of March&nbsp;12, 2017.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(2)&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Dutton
served as the Company's Vice President and Chief Operating Officer until January&nbsp;11, 2017. On January&nbsp;11, 2017, our board of directors appointed
Mr.&nbsp;Dutton as Mr.&nbsp;Hawthorne's successor as President and CEO, effective that same date. Mr.&nbsp;Dutton served as President and CEO until March&nbsp;1, 2018. He was employed by an
affiliate of GrafTech's parent company, BAM. GrafTech reimbursed BAM for his salary, housing and transportation expenses and 401(k) savings plan matching contributions.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(3)&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Blair
submitted his resignation in January 2017, which was effective as of February&nbsp;28, 2017.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(4)&nbsp;&nbsp;&nbsp;The
exchange rate for Swiss Franc:USD for Mr.&nbsp;Blair&nbsp;= 1:1.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(5)&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Batty
submitted his resignation in January 2017, which was effective as of February&nbsp;15, 2017.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(6)&nbsp;&nbsp;&nbsp;For
2017, all other compensation for Mr.&nbsp;Hawthorne includes $5,528 in matching contributions and a $1,382 contribution to the Company's retirement savings plan (or the Savings
Plan); $136 in disability insurance premiums under the Company's long term disability insurance plan; a $250 employer contribution to his Health Savings Account; and the following amounts pursuant to
his Severance Agreement (as defined below): $136,220 in accrued ICP award for 2017, $2,800,000 in severance, $10,768 in unused vacation and $19,248 for benefit continuation. For 2016, all other
compensation for Mr.&nbsp;Hawthorne includes $10,000 in matching contributions and a $2,650 contribution to the Savings Plan and $1,793 in life insurance premiums under the Company's group life
insurance plan.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">For
2017, all other compensation for Mr.&nbsp;Dutton includes $13,500 in matching contributions to a Brookfield 401(k) savings plan and $31,180 for housing and transportation expenses. For 2016, all
other compensation for Mr.&nbsp;Dutton, includes $13,250 in matching contributions to a Brookfield 401k savings plan and $28,324 for housing and transportation expenses.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">For
2017, all other compensation for Mr.&nbsp;Coburn includes $10,800 in matching contributions and a $2,700 contribution to the Savings Plan; $664 in disability insurance premiums under the
Company's long term disability insurance plan; a $1,430 employer contribution to his Health Savings Account; and $855 in life insurance premiums under the Company's group life insurance plan. For
2016, all other compensation for Mr.&nbsp;Coburn includes $10,600 in matching contributions and a $3,093 contribution to the Savings Plan and $855 in life insurance premiums under the Company's
group life insurance plan.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">For
2017, all other compensation for Mr.&nbsp;Blair includes $9,239 in matching contributions to the Swiss Pension Plan (as defined below); $3,507 in Company contributions to the GrafTech
Switzerland medical plan; $2,336 in insurance premiums under the GrafTech Switzerland group life insurance plan; $23,262 for third party income tax preparation and relocation including gross-up; and
the following amounts pursuant to his Severance Agreement (as defined below): $42,237 in accrued ICP award for 2017, $1,326,600 in severance, $15,155 in unused vacation, and $36,524 for benefit
continuation. For 2016, all other compensation for Mr.&nbsp;Blair includes $43,949 in relocation benefits and associated gross-up, $8,856 for non-resident taxes and associated gross-up, $5,638 in
payments to third parties and associated gross-up and $3,061 in contributions in Company contributions to the GrafTech Switzerland medical plan.  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">For
2017, all other compensation for Mr.&nbsp;Batty includes $2,670 in matching contributions and a $667 contribution to the Savings Plan; $81 in disability insurance premiums under the Company's
long term disability insurance plan; a $340 employer contribution to his Health Savings Account; and the following amounts pursuant to his Severance Agreement (as defined below): $24,589 in accrued
ICP award for 2017, $990,000 in severance, $3,461 in unused vacation and $17,975 for benefit continuation. For 2016, all other compensation for Mr.&nbsp;Batty, includes $6,500 in matching
contributions and a $3,053 contribution to the Savings Plan and $1,828 in life insurance premiums under the Company's group life insurance plan and $162 for a gift card and associated gross-up. </FONT></P>
 </DIV>
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Outstanding equity awards at fiscal year-end  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>No equity awards were outstanding as of the end of the fiscal year. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>148</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=3><B> Narrative disclosure to summary compensation table and other compensation arrangements  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We have designed an annual compensation program for our named executive officers that is driven by our strategic goals with the primary
emphasis on paying for performance. Our 2017 executive compensation program consisted of two elements: competitive base salary and pay for performance through an annual cash incentive program. Certain
of our executives also receive retirement and other customary welfare benefits and participate in certain severance and change in control arrangements. </FONT></P>

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Base salary  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Base salaries for our named executive officers during 2017 were generally set at levels to value the competencies, skills, experiences and performance of
individual executives and are intended to attract and retain executive talent by providing a fixed level of compensation that is financially stable and not "at risk." </FONT></P>


<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Executive incentive compensation (or ICP)  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The ICP provides competitive incentives to executive officers by having a portion of their annual cash compensation dependent upon annual performance and "at
risk" and motivates and rewards executives for the achievement of targeted financial and individual performance. For 2017, the financial measure was EBITDA of the total Company (70%) and 30% was based
on individual performance. </FONT></P>

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Retirement plan  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We previously froze our defined benefit plans, including the GrafTech International Holdings&nbsp;Inc. Retirement Plan (or the Retirement Plan), and no
additional benefits are accruing under the plans, although benefits previously accrued under the Retirement Plan will still be payable from the Retirement Plan when due. Messrs.&nbsp;Hawthorne,
Blair and Batty are participants in the Retirement Plan. Mr.&nbsp;Hawthorne has two years of credited service with us through December&nbsp;31, 2001, which is the date on which non-grandfathered
participants ceased accruing benefits and had their benefit accruals frozen. Mr.&nbsp;Blair and Mr.&nbsp;Batty have 22&nbsp;years and 20&nbsp;years, respectively, of credited service with us
through March&nbsp;31, 2003, which is the date on which grandfathered participants ceased accruing benefits and had their benefit accruals frozen. </FONT></P>


<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Savings plan  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>All of our regular, full-time U.S. employees, including eligible named executive officers, are eligible to participate in our Savings Plan. Assets in the
Savings Plan are held in five types of accounts: an after-tax account to which participants may make contributions on an after-tax basis; a before-tax account to which participants may make
contributions on a pre-tax basis; a Company contribution account to which matching contributions are allocated; an employer contribution account to which certain additional Company contributions are
allocated; and a Roth 401(k) after-tax account to which participants may make contributions on an after-tax basis. The maximum employee contribution (pre-tax and after-tax combined) for any year for
any participant is 50.0% of such participant's compensation (subject to statutory limits). </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
make a matching contribution to the Savings Plan for each participant who elects to contribute to the Savings Plan. The matching contribution is 100% of the first 3% of compensation and 50% of the
next 2% of compensation that a participant contributes. Matching contributions under the Savings Plan are fully vested at all times. In addition to matching contributions, we make employer
contributions to the Savings Plan each year equal to 1% of a participant's eligible compensation. A participant becomes vested in these employer contributions to the Savings Plan once he or she has
completed three years of service. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>149</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>Contributions
to the Savings Plan are invested, as the employee directs, in various funds offered under the Savings Plan from time to time. Amounts invested under the Savings Plan may be switched into
another investment option at any time. The account balances of participants reflect both their contributions and our contributions as well as the investment performance of the investments in which
those amounts are invested. Distributions of account balances from the Savings Plan are generally made upon retirement or other termination of employment, unless deferred by the participant. </FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Swiss pension plan  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>GrafTech Switzerland S.A offers a cash balance pension plan (or the Swiss Pension Plan) into which employees and the Company contribute for retirement
purposes according to an age-based contribution scale. Standard employee contributions range from 4.0% to 5.8% of salary and company contributions range from 6.0% to 8.7% of salary. Employees have the
option to make an annual election of 2.0% to 2.9% to the Swiss Pension Plan and additional employee contribution rates are also age-based. Administration and investment management is the
responsibility of Banque Cantonale Vaudoise (or BCV). At retirement, employees may transfer their Swiss Pension Plan balance to a qualified individual retirement account. </FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Non-qualified deferred compensation  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The named executive officers, with the exception of Mr.&nbsp;Dutton, all participate in our non-qualified deferred compensation plan (or the Compensation
Deferral Plan). Under the Compensation Deferral Plan, participants are able to defer up to 85% of their ICP compensation and up to 50% of their base salary. The Company ceased making contributions to
the Compensation Deferral Plan as of October&nbsp;16, 2014. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Deferrals
and contributions to our Compensation Deferral Plan are credited with a rate of return based on the performance of various funds selected by the participants from indices which are
designated by the Plan Administrator. An employee may prospectively change the funds for crediting rates of return at any time. The account balances of participants are credited with both their
deferrals, as well as the rate of return on the funds selected by the participants for those amounts. Frozen Lump Sums and their earnings are held in notional investment accounts selected by the
employee. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Distributions
of account balances from the Compensation Deferral Plan are generally made in January following retirement or other termination of employment or, if elected by the participant, upon a
future date specified by the participant, except that Frozen Lump Sums and GrafTech allocations may not be distributed prior to age 50. Participants may also elect to have their account balances
distributed upon a change in control of GrafTech. The Compensation Deferral Plan is intended to comply with Section&nbsp;409A of the Code governing deferred compensation arrangements except that
amounts that were contributed to the Compensation Deferral Plan and fully vested by December&nbsp;31, 2004, including all of the Frozen Lump Sums, are not subject to the restrictions of
Section&nbsp;409A. Amounts under the Compensation Deferral Plan are generally payable in a lump sum, although participants may elect to have their accounts payable in annual installments instead. </FONT></P>


<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Double-trigger change in control agreements  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Each named executive officer, other than Mr.&nbsp;Dutton, entered into a double-trigger Severance Agreement (or the Severance Agreement) with us that
applies only when there is (i)&nbsp;a change in control of the Company and (ii)&nbsp;the executive's employment is terminated in connection with or within two years (for Messrs.&nbsp;Hawthorne
and Batty) or three years (for Messrs.&nbsp;Blair and Coburn) following such change in control. Both a change in control of the Company and corresponding executive termination must occur to </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>150</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>trigger
payment of the benefits under the Severance Agreement. A change in control occurred under the Severance Agreements on August&nbsp;11, 2015. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>On
January&nbsp;11, 2017, Mr.&nbsp;Hawthorne submitted his Good Reason for Resignation, as defined in his July&nbsp;13, 2000 Severance Agreement, as amended, to our board of directors.
Mr.&nbsp;Hawthorne's resignation was accepted and March&nbsp;12, 2017 was agreed upon as the date of termination of his GrafTech employment. Settlement of Mr.&nbsp;Hawthorne's accrued
compensation, severance and benefit continuation was made in accordance with his Severance Agreement. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
January, 2017, Mr.&nbsp;Blair submitted his Good Reason for Resignation, as defined in his March&nbsp;16, 2015 Severance Agreement, as amended, to our board of directors. Mr.&nbsp;Blair's
resignation was accepted and February&nbsp;28, 2017 was agreed upon as the date of termination of his GrafTech employment. Settlement of Mr.&nbsp;Blair's accrued compensation, severance and
benefit continuation was made in accordance with his Severance Agreement. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
January, 2017, Mr.&nbsp;Batty submitted his Good Reason for Resignation, as defined in his July&nbsp;13, 2000 Severance Agreement, as amended, to our board of directors. Mr.&nbsp;Batty's
resignation was accepted and February&nbsp;15, 2017 was agreed upon as the date of termination of his GrafTech employment. Settlement of Mr.&nbsp;Batty's accrued compensation, severance and
benefit continuation will be made in accordance with his Severance Agreement. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Under
the Severance Agreements, upon termination by the executive for Good Reason for Resignation (as such term is defined in each Severance Agreement), each of Messrs.&nbsp;Hawthorne, Blair and
Batty was entitled to the following benefits: accrued salary and vacation pay through the date of termination; accrued ICP compensation at target for the prior year if not previously paid plus a
prorated portion of the targeted ICP compensation for the year of termination; a severance payment equal to 2.0 multiplied by the sum of the following amounts: (X)&nbsp;the greater of his annual
base salary immediately prior to the date of termination or immediately prior to the change in control; plus (Y)&nbsp;the greater of the amount of his target ICP for the year in which the date of
termination occurs or for the year in which the change in control occurs; extended health, life and disability coverage; and with respect to Mr.&nbsp;Hawthorne and Mr.&nbsp;Batty, reimbursement
for certain excise tax liabilities (and income tax liabilities attributable to the excise tax reimbursement) if the total severance equals or exceeds three times the executive's "base amount" (as
determined pursuant to Section&nbsp;280G of the Code) by more than $50,000. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Under
Mr.&nbsp;Coburn's Severance Agreement, if his employment is terminated due to a Termination for Cause or by him other than with Good Reason for Resignation, upon death or due to Disability or
Retirement (as such terms are defined in his Severance Agreement), he will be paid his full base salary and accrued vacation pay through the date of termination, plus any benefits or awards which have
been earned or become payable but which have not yet been paid. If his employment is terminated due to Retirement (as such term is defined in his Severance Agreement) or death, his benefits will be
determined in accordance with GrafTech's retirement and insurance programs then in effect. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Under
Mr.&nbsp;Coburn's Severance Agreement, upon termination following a change in control, he is entitled to certain benefits. If his employment is terminated within the three-year period
following a change in control (a)&nbsp;by GrafTech other than for Retirement, death, Disability or Termination for Cause or (b)&nbsp;by him for Good Reason for Resignation, then Mr.&nbsp;Coburn
is entitled to the following benefits: accrued salary and vacation pay through the date of termination; accrued ICP compensation at target for the prior year if not previously paid plus a prorated
portion of the targeted ICP compensation for the year of termination; a severance payment equal to 2.0 multiplied by the sum of the following amounts: (X)&nbsp;the greater of his </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>151</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>annual
base salary immediately prior to the date of termination or immediately prior to the change in control; plus (Y)&nbsp;the greater of the amount of his target ICP for the year in which the
date of termination occurs or for the year in which the change in control occurs; and extended health, life and disability coverage; minus (Z)&nbsp;the amount of any severance payment or the value
of any severance benefit received by the executive from the Company pursuant to a Company plan or policy or agreement with the Company. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>During
any period prior to the date of termination that Mr.&nbsp;Coburn becomes Disabled, he will continue to receive his base salary at the rate in effect at the commencement of the Disability
period, together with all other compensation and benefits that are payable or provided under GrafTech's benefit plans, including its disability plans. After the date of termination for Disability, his
benefits shall be determined in accordance with the Retirement Plan and the disability, benefit, insurance and other applicable plans of GrafTech. The compensation and benefits, other than salary and
payments under the Retirement Plan, payable or provided under his Severance Agreement by reason of a Disability will be the greater of (x)&nbsp;the amounts computed under the disability, benefit,
insurance and other applicable plans in effect immediately prior to a change in control and (y)&nbsp;the amounts computed under the disability, benefit, insurance and other applicable plans in
effect at the time the compensation and benefits are paid. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Under
Mr.&nbsp;Coburn's Severance Agreement, "Good Reason for Resignation" includes certain changes in his status or position, reductions in the level of reporting responsibility, diminution of
duties or responsibilities, reductions in compensation or benefits, relocation, failure of a successor to assume the severance agreement, and failure to pay certain earned compensation. </FONT></P>

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LTIP  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Mr.&nbsp;Coburn is the only named executive officer who participates in the GrafTech International&nbsp;Ltd. Long Term Incentive Plan (or the LTIP). The
LTIP provides incentives by awarding certain executive officers up to a maximum of 30,000 profits units (or Profits Units). Awards of Profits Units generally vest in equal increments over a five-year
period beginning on the first anniversary of the grant date and subject to continued employment with the Company through each vesting date. Any unvested Profit Units that have not been previously
forfeited will accelerate and become fully vested upon a "Change in Control" (as defined below). </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Profit
Units will generally be settled in a lump sum payment within 30&nbsp;days following a Change in Control based on the "Sales Proceeds" (as defined below) received by Brookfield Capital
Partners IV,&nbsp;L.P. (or, together with its affiliates, Brookfield Capital IV)&nbsp;in connection with the Change in Control. The LTIP defines "Change in Control" as any transaction or series of
transactions (including, without limitation, the consummation of a combination, share purchases, recapitalization, redemption, issuance of capital stock, consolidation, reorganization or otherwise)
pursuant to which (a)&nbsp;a Person not affiliated with Brookfield Capital IV acquires securities representing more than seventy percent (70%) of the combined voting power of the outstanding voting
securities of the Company or the entity surviving or resulting from such transaction, (b)&nbsp;following a public offering of the Company's stock, Brookfield Capital IV has ceased to have a
beneficial ownership interest in at least 30% of the Company's outstanding voting securities (effective on the first of such date), or (c)&nbsp;the Company sells all or substantially all of the
assets of the Company and its subsidiaries on a consolidated basis. It is intended that the occurrence of a Change in Control in which Sales Proceeds exceed the Threshold Value would constitute a
"substantial risk of forfeiture" within the meaning of Section&nbsp;409A of the Code. The LTIP defines "Threshold Value" as of any date of determination, an amount equal to $855,000,000, (which
represents the amount of the total invested capital of Brookfield Capital&nbsp;IV as of August&nbsp;17, 2015), plus the dollar value of any cash or other consideration contributed to or invested
in the Company by Brookfield Capital&nbsp;IV after August&nbsp;17, 2015. The Threshold Value shall be </FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>determined
by the board in its sole discretion. The LTIP defines "Sales Proceeds" as, as of any date of determination, the sum of all proceeds actually received by the Brookfield Capital IV, net of
all Sales Costs (as defined below), (i)&nbsp;as consideration (whether cash or equity) upon the Change in Control and (ii)&nbsp;as distributions, dividends, repurchases, redemptions or otherwise
as a holder of such equity interests in the Company. Proceeds that are not paid upon or prior to or in connection with the Change in Control, including earn-outs, escrows and other contingent or
deferred consideration shall become "Sale Proceeds"
only as and when such proceeds are received by Brookfield Capital IV. "Sales Costs" means any costs or expenses (including legal or other advisor costs), fees (including investment banking fees),
commissions or discounts payable directly by Brookfield Capital IV in connection with, arising out of or relating to a Change in Control, as determined by the board in its sole discretion. The IPO
does not constitute a Change in Control as defined in the LTIP. </FONT></P>

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Equity Incentive Plan  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our board of directors has adopted, and Brookfield Capital&nbsp;IV has approved, an Omnibus Equity Incentive Plan (or&nbsp;the Equity Plan) pursuant to
which eligible employees, non-employee directors, consultants, and other selected service providers of the Company may receive options (both incentive stock options and nonqualified options) or other
stock-based awards. The board believes that equity awards will allow us to attract and retain the key talent needed to effectively compete in our industry, incentivize superior results and long-term
value creation, and align the interests of our employees with those of our shareholders. Our board of directors or a committee of directors appointed by the board shall have full discretionary
authority to administer the Equity Plan, including discretionary authority to interpret and construe any and all provisions of the Equity Plan and any award agreement thereunder, and all decisions of
the committee shall be final, binding, and conclusive on all&nbsp;parties. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
committee may set vesting terms of awards, accelerate the vesting, exercisability, or transferability of any awards, as applicable, extend the term of any awards, waive any conditions to vesting,
exercisability, or transferability of any awards, as applicable, or provide for the payment of dividends or dividend equivalents with respect to any such award; provided however, that no stock options
will be repriced without the approval of the shareholders of the Company. Options shall be granted at a price equal to at least one-hundred percent of fair market value of a share of common stock on
the date on which such option is granted (other than in the case of certain corporate transactions). The committee may grant other equity-based or equity-related awards pursuant to the Equity Plan
that may (i)&nbsp;involve the transfer of actual shares of common stock to participants, either at the time of grant or thereafter, or payment in cash or otherwise of amounts based on the value of
shares of common stock, (ii)&nbsp;be subject to performance-based and/or service-based conditions, (iii)&nbsp;be in the form of stock appreciation rights, phantom stock, restricted stock,
restricted stock units, performance shares, deferred share units, or share-denominated units, (iv)&nbsp;provide for dividends or dividend equivalents, and (v)&nbsp;be designed to comply with
applicable laws of jurisdictions other than the United&nbsp;States; provided, that each such other equity-based or equity-related award shall be denominated in, or shall have a value determined by
reference to, a number of shares of common stock that is specified at the time of the grant of such&nbsp;award. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
Equity Plan will reserve 15,000,000&nbsp;shares of the Company's issued and outstanding common stock for issuance of awards. Shares withheld in satisfaction of tax withholding obligations or the
exercise of an award and shares underlying such awards that are cash-settled will not return to the share reserve. If shares of common stock are issued which may result in forfeiture, cancellation, or
return of such shares of
the Company, any portion of the shares forfeited, cancelled, or returned shall be treated as not issued pursuant to the Equity Plan. The terms of the awards (including vesting) shall be approved by
the </FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>committee
as evidenced in award agreements. The consequences of a change in control, if any, and of a participant's termination of employment will be set forth in such participant's applicable award
agreement. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
Equity Plan will include provisions for adjustment of shares reserved under the plan and of outstanding awards in the event of certain corporate changes. The term of the Equity Plan will be ten
years from its effective date. The Equity Plan and any award agreements may be amended, suspended or terminated at any time by the board, provided that if such revisions or amendments require
shareholder approval, such revisions or amendments will not be effective without such approval, and provided further, no such revision or amendment may adversely affect a participant's rights under
any previously granted and outstanding award without such participant's consent. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
connection with the offering, the Company intends to grant stock options pursuant to award agreements under the Equity Plan covering shares of common stock with an aggregate fair value of up to
$20,000,000 of which $6,250,000 will be awarded to our President and CEO. The stock options will have a ten year term and will generally vest ratably over the five-year period following the date of
grant, subject to acceleration under certain circumstances, including in the event of a termination of employment by the Company within two years following Brookfield and its affiliates ceasing to own
at least 35% of the Company's stock or any other person or group acquiring more than 50% of the Company's stock (each an Option Change in Control Event) and, in respect of our President and CEO, upon
the occurrence of an Option Change in Control Event. The number of shares subject to the stock options granted in connection with the offering will be determined based on the initial public offering
price and will have an exercise price per share equal to the initial public offering price. Based on the initial public offering price of $15.00&nbsp;per share, the number of shares of common stock
subject to stock options that may be granted would be approximately 1,333,333&nbsp;shares in the aggregate. In addition, the Company intends to grant deferred share units to our President and CEO
with a fair market value of $290,015, which will vest in full on the third anniversary of the grant date and be settled upon his termination of employment with the Company. </FONT></P>

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Restrictive covenants  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In 2014, the Company granted each of the named executive officers, other than Mr.&nbsp;Dutton, certain equity awards pursuant to the Company's Equity
Incentive Plan Award Agreement (or the Award Agreement). Pursuant to the Award Agreements, each such named executive officer is subject to non-competition and non-solicitation covenants set forth in
his Award Agreement beginning on the effective date of the Award Agreement and continuing for a period of two years following his voluntary termination of employment with the Company or certain events
of involuntary termination of employment. GrafTech subsequently waived the second year of the restrictive covenant period for Mr.&nbsp;Blair; therefore, his non-competition and non-solicitation
covenants expire on the first anniversary of the date of his termination of employment. The non-competition covenant provides that he will not, without the Company's prior written consent, engage in
(a)&nbsp;the business of manufacturing, distributing, selling or providing needle coke and/or carbon or graphite products, services, material or equipment of the kind or type which are the same as
or similar to those manufactured, distributed, sold or provided by GrafTech as of the date of termination or at any time while he was an employee of GrafTech, or (b)&nbsp;any other business in which
GrafTech directly or indirectly engaged as of the date of termination or at any time while he was an employee of GrafTech. The non-competition covenant applies in any state, country, possession, or
territory in which GrafTech directly or indirectly has offices, operations, customers or otherwise conducts business or planned to conduct business during his employment. </FONT></P>

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Release Agreements  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The Company entered into a Settlement Agreement and Release with each of Mr.&nbsp;Hawthorne and Mr.&nbsp;Blair on January&nbsp;8, 2018 and
January&nbsp;25, 2018, respectively, (each of which we refer to as a Release Agreement), pursuant to which the Company agreed to pay each of Messrs.&nbsp;Hawthorne and Blair cash consideration in
exchange for a mutual release of all claims relating to their employment with the Company and termination of such employment, as well as a covenant not to sue. In addition, pursuant to the Release
Agreements, Mr.&nbsp;Hawthorne and certain individuals employed by the Company are subject to a mutual non-disparagement covenant and Mr.&nbsp;Blair is subject to a non-disparagement covenant. </FONT></P>

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Director compensation  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Non-employee director J.&nbsp;Peter Gordon did not receive any compensation from GrafTech for his services in 2017. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Non-employee
director Denis Turcotte received $56,250 in meeting fees, plus reimbursement for travel expenses and incidentals, for his service in 2017. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Following
the IPO, the Company intends to compensate its non-employee directors with an annual retainer of $125,000, payable in equal installments at the end of each quarter. All out-of-pocket
business travel and accommodation expenses will be reimbursed. The audit committee chair will also receive an additional retainer of $15,000. Independent directors will be required, within five years
of joining the board, to acquire shares or share equivalents in the Company having a value equal to at least three times the then annual retainer ($375,000 initially), in the aggregate. Prior to
achieving this, independent directors will receive fifty percent of their annual retainer in deferred share units (or&nbsp;DSUs), which will be fully vested upon grant. DSUs will count towards the
minimum holding requirement. After achieving the threshold, there will not be any further requirement for independent directors to receive their compensation in the form of additional DSUs; however,
the share ownership threshold test will be calculated each year in December and in the event that an independent director who previously met the threshold no longer does, that director will need to
acquire more common shares or to elect to receive a portion of his or her annual retainer in DSUs for the following year in order to satisfy the minimum share ownership test by the following December. </FONT></P>

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Certain relationships and related party transactions    <BR>  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Under SEC rules, a related person is an officer, director, nominee for director or beneficial holder of more than 5% of any class of our
voting securities since the beginning of the last fiscal year or an immediate family member of any of the foregoing. Our board of directors will approve a written related party transaction policy that
will take effect prior to completion of this offering. Pursuant to this policy, directors (including director nominees), executive officers and employees are required to report to our general counsel
any transactions or circumstances that may create or appear to create a conflict between the personal interests of the individual and our interests, regardless of the amount involved. Our general
counsel reports these transactions to the audit committee of the board of directors, which is responsible for evaluating each related party transaction and making a recommendation to the disinterested
members of the board of directors as to whether the transaction at issue is fair, reasonable and within our policy and whether it should be ratified and approved. The audit committee, in making its
recommendation, considers various factors, including the benefit of the transaction to us, the terms of the transaction and whether they are at arm's-length and in the ordinary course of our business,
the direct or indirect nature of the related person's interest in the transaction, the size and expected term of the transaction, and other facts and circumstances that bear on the materiality of the
related party transaction under applicable law and listing standards. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Other
than compensation agreements and other arrangements which are described under "Executive Compensation" and the transactions described below, since January&nbsp;1, 2014, there has not been, and
there is not currently proposed, any transaction or series of similar transactions to which we were or will be a party in which the amount involved exceeded or will exceed $120,000 and in which any
related person had or will have a direct or indirect material interest. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>During
2016, an affiliate of Brookfield purchased on the open market in aggregate approximately $53&nbsp;million of our traded Senior Notes. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>During
2016, an affiliate of Brookfield provided relocation services to us, totaling $394,275. During 2017, that same affiliate has provided additional relocation services, totaling $275,197. </FONT></P>

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Registration Rights Agreement  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We and the selling stockholder intend to enter into a new registration rights agreement (or the Registration Rights Agreement) in connection
with this offering. The Registration Rights Agreement will provide the selling stockholder with certain demand registration rights, including shelf registration rights, in respect of any shares of our
common stock or any of our debt securities held by it, subject to certain conditions and limitations. The selling stockholder will be entitled to a limited number of demand registrations. In addition,
in the event that we register additional shares of common stock or debt securities for sale to the public following the completion of this offering, we will be required to give notice of such
registration to the selling stockholder of our intention to effect such a registration, and, subject to certain limitations, include any shares of common stock or debt securities requested to be
included in such registration held by it. We will be required to bear the registration expenses, other than underwriting discounts and commissions, associated with any registration of shares of common
stock or debt securities pursuant to the Registration Rights Agreement. The agreement will include customary indemnification provisions in favor of the selling stockholder, its affiliates, directors
and officers against certain losses and liabilities (including reasonable legal expenses) resulting from any untrue statement or omission of material fact in any registration statement or prospectus
pursuant to which the selling stockholder sells shares of our common stock or our debt securities, unless such liability arose from the selling stockholder's </FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>misstatement
or omission and the selling stockholder has agreed to indemnify us against losses caused by its misstatements or omissions, subject to certain limitations. </FONT></P>


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Stockholder Rights Agreement  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We and the selling stockholder intend to enter into the Stockholder Rights Agreement in connection with this offering. Under the Stockholder
Rights Agreement, for so long as the selling stockholder owns or controls at least 25% of our outstanding common stock, the selling stockholder will have the right to nominate the higher of 37.5% of
the members of the board of directors and three members of the board of directors. The selling stockholder will also have the right to select the chairman of the board of directors. In the event the
selling stockholder owns or controls less than 25% of the
Company, the Brookfield directors will promptly tender their resignations. The board of directors (excluding the Brookfield directors) will have the option, but not the obligation, to accept the
Brookfield directors' resignations. If the board of directors (excluding the Brookfield directors) votes to accept these resignations, the Brookfield directors will cease to be members of the board of
directors. If the board of directors (excluding the Brookfield directors) votes not to accept these resignations, the directors will continue to serve as members of the board of directors until the
next annual meeting of our stockholders, regardless of the time remaining in their respective terms of office. The Stockholder Rights Agreement provides that the initial board members designated by
the selling stockholder shall be Denis A.&nbsp;Turcotte, Ron A.&nbsp;Bloom and Jeffrey C.&nbsp;Dutton. </FONT></P>


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Tax Receivable Agreement  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We and the selling stockholder intend to enter into the TRA in connection with this offering. The TRA will provide the right to receive future
payments from us to the Existing Stockholders of 85% of the amount of cash savings, if any, in U.S.&nbsp;federal income tax and Swiss tax that we and our subsidiaries realize as a result of the
utilization of certain tax assets attributable to periods prior to our initial public offering, including the Pre-IPO Tax Assets. In addition, we will pay interest on the payments we will make to the
Existing Stockholders with respect to the amount of this cash savings from the due date (without extensions) of our tax return where we realize this savings to the payment date at a rate equal to
LIBOR plus 1.00% per annum. It is expected that the new tax on GILTI under Section&nbsp;951A of the Code will significantly reduce the value of our Pre-IPO Tax Assets. Accordingly, it is unclear at
this time whether any future payments will be made under the TRA, and we expect that any payments we make under the TRA will not be&nbsp;material. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>For
purposes of the TRA, cash savings in income tax are computed by reference to the reduction in the liability for income taxes resulting from the utilization of the tax benefits subject to the TRA.
The term of the TRA will commence upon consummation of our initial public offering and will continue until there is no potential for any future tax benefit payments. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our
counterparties under the TRA will not reimburse us for any payments previously made if such tax benefits are subsequently disallowed (although future payments would be adjusted to the extent
possible to reflect the result of such disallowance). As a result, in such circumstances we could make payments under the TRA that are greater than our actual cash tax&nbsp;savings. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>While
the actual amount and timing of any payments under the TRA will vary depending upon a number of factors, including the amount and timing of the taxable income we and our subsidiaries generate in
the
future, and our and our subsidiaries' use of Pre-IPO Tax Assets, we expect that, based on current tax laws (taking into account recent changes under the Tax&nbsp;Act), no material payments will be
made to our </FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>counterparties
during the term of the TRA. However, there is still uncertainty surrounding the Tax&nbsp;Act, and it is possible that a change in law or additional implementing regulations,
administrative guidance or interpretations of the Tax&nbsp;Act could enable us to utilize our Pre-IPO Tax Assets to reduce future U.S.&nbsp;federal income tax and Swiss tax realized by us and our
subsidiaries. If such future events were to occur, and assuming that we and our subsidiaries earn sufficient taxable income to realize the full tax benefits subject to the TRA, we expect that payments
under the TRA relating to the Pre-IPO Tax Assets could aggregate to a maximum amount of approximately $100&nbsp;million. This figure does not account for our Pre-IPO Tax Assets attributable to
previously taxed income under Section&nbsp;959 of the Code, the value of which is highly speculative, and certain NOLs in GrafTech Switzerland S.A., which we expect to have nominal value at the time
of this offering. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Upon
the effective date of the TRA, we do not expect to recognize a liability for payments to be made under the TRA. However, any future changes in the utility of the Pre-IPO Tax Assets will impact
the amount of the liability that will be paid to our Existing Stockholders. Changes in the utility of these Pre-IPO Tax Assets will be recorded in income tax expense (benefit) and any changes in the
obligation under the TRA will be recorded in other income (expense). We plan to use cash flow from operations and availability under our credit facilities to fund this obligation. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>If
we undergo a Change of Control, the TRA will terminate and we will be required to make a payment equal to the present value of future payments under the TRA, which payment would be based on certain
assumptions, including those relating to our and our subsidiaries' future taxable income. Additionally, if we sell or otherwise dispose of any of our subsidiaries in a transaction that is not a Change
of Control, we will be required to make a payment equal to the present value of future payments under the TRA attributable to the Pre-IPO Tax Assets of such subsidiary that is sold or disposed of,
applying the assumptions described above. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
TRA provides that in the event that we breach any of our material obligations under it, whether as a result of our failure to make any payment when due (subject to a specified cure period),
failure to honor any other material obligation under it or by operation of law as a result of the rejection of it in a case commenced under the United&nbsp;States Bankruptcy Code or otherwise, then
all our payment and other obligations under the TRA will be accelerated and will become due and payable applying the same assumptions described above. Such payments could be substantial and could
exceed our actual cash tax savings under the&nbsp;TRA. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Certain
transactions by the company could cause it to recognize taxable income (possibly material amounts of income) without a current receipt of cash. Payments under the TRA with respect to such
taxable income would cause a net reduction in our available cash. For example, transactions giving rise to cancellation of debt income, the accrual of income from original issue discount or deferred
payments, a "triggering event" requiring the recapture of dual consolidated losses, or "Subpart&nbsp;F" income would each produce income with no corresponding increase in cash. In these cases, we
may use some of the Pre-IPO Tax Assets to offset income from these transactions and, under the TRA, would be required to make a payment to our Existing Stockholders even though we receive no cash from
such&nbsp;income. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Because
we are a holding company with no operations of our own, our ability to make payments under the TRA is dependent on the ability of our subsidiaries to make distributions to us. To the extent
that we are unable to make payments under the TRA for specified reasons, such payments will be deferred and will accrue interest at a rate of LIBOR plus 1.00% per annum until&nbsp;paid. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>158</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
the event that any determinations must be made under or any dispute arises involving the TRA, the Existing Stockholders will be represented by Brookfield Capital Partners IV&nbsp;GP,&nbsp;Ltd.
In any such instance, should any representatives of Brookfield Capital Partners IV&nbsp;GP then be serving on our board of directors, such directors will be excluded from decisions of the board
related to the relevant determination or&nbsp;dispute. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
TRA is filed as an exhibit to the registration statement of which this prospectus forms&nbsp;a part, and&nbsp;the foregoing description of the TRA is qualified by a reference thereto. </FONT></P>

<P style="font-family:arial;;margin-left:12.0pt;text-indent:-12.0pt;"><FONT SIZE=3><B>


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Participation in our Initial Public Offering  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>One of our independent director nominees has agreed to purchase an aggregate of 5,000&nbsp;shares of common stock in this offering at the
public offering price. The allocation of shares in this offering to this independent director nominee was made at our direction. The underwriters will not receive any underwriting discount or
commission from the shares of our common stock purchased by this director nominee in this offering. Any shares sold to this director nominee will be subject to a lock-up agreement described under the
sections entitled "Shares Eligible for Future Sale" and "Underwriting." </FONT></P>

<P style="font-family:arial;;margin-left:12.0pt;text-indent:-12.0pt;"><FONT SIZE=3><B>


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Brookfield Promissory Note  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Prior to the consummation of this offering, we expect to declare a dividend in the form of a $750&nbsp;million promissory note to the
selling stockholder. The issuance of the Brookfield Promissory Note as a dividend will be conditioned upon (i)&nbsp;the Senior Secured First Lien Net Leverage Ratio (as defined in the 2018 Credit
Agreement), as calculated based on our final financial results for the first quarter of 2018, being equal to or less than 1.75 to 1.00, (ii)&nbsp;no Default or Event of Default (each as defined in
the 2018 Credit Agreement) having occurred and continuing or that would result from the issuance of the Brookfield Promissory Note and (iii)&nbsp;the issuance occurring within 60 days from the
dividend record date. Assuming these conditions are met, we expect to issue the Brookfield Promissory Note as a dividend on or around May&nbsp;9, 2018. However, there can be no assurance that we
will meet these conditions by this date or at all. No funds will be lent or otherwise contributed to us by the selling stockholder in connection with the Brookfield Promissory Note. As a result, we
will receive no consideration in connection with its issuance. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Following
the issuance of the Brookfield Promissory Note, we plan to explore opportunities to refinance it with debt securities or other long-term debt to the extent available on attractive terms.
However, there can be no assurance that we will be able to refinance the Brookfield Promissory Note on commercially reasonable terms in the near term or at all. In addition, there can be no assurance
that the terms of any such refinancing indebtedness (including the interest rate) will be as or more favorable to us as the corresponding terms under the Brookfield Promissory Note. See "Management's
Discussion and Analysis of Financial Condition and Results of Operations&#151;Financing Transactions&#151;Brookfield Promissory Note." </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>159</FONT></P>

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<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><A
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Principal stockholders and selling stockholder    <BR>  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The following table sets forth information as of April&nbsp;18, 2018 regarding the beneficial ownership of our common stock
by:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> each person or group who beneficially owns more than 5% of our outstanding shares of common stock; </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the selling stockholder;
</FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> each of our named executive officers; </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> each of our directors; </FONT><FONT SIZE=2>
 </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> each of our director nominees;&nbsp;and </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> all of our executive officers, directors and director nominees as a group.
 </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>Beneficial
ownership for the purposes of the following table is determined in accordance with the rules and regulations of the SEC. These rules generally provide that a person is the beneficial owner
of securities if such person has or shares the power to vote or direct the voting of securities, or to dispose or direct the
disposition of securities or has the right to acquire such powers within 60&nbsp;days. For purposes of calculating each person's percentage ownership, common stock issuable pursuant to options
exercisable within 60&nbsp;days are included as outstanding and beneficially owned for that person or group, but are not deemed outstanding for the purposes of computing the percentage ownership of
any other person. Except as disclosed in the footnotes to this table and subject to applicable community property laws, we believe that each beneficial owner identified in the table possesses sole
voting and investment power over all common stock shown as beneficially owned by the beneficial owner. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
percentage of beneficial ownership is based on 302,225,923&nbsp;shares of common stock issued and outstanding after giving effect to the 3,022,259.23-for-1 stock split on our common stock
effected on April&nbsp;12, 2018. The following table reflects the shares of our common stock that one of our independent director nominees has agreed to purchase in this offering described under
"Shares Eligible for Future Sale" and "Underwriting." Unless otherwise indicated in the table or footnotes below, the address for each beneficial owner is c/o GrafTech International&nbsp;Ltd., 982
Keynote Circle, Brooklyn Heights, OH 44131. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>160</FONT></P>

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<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=11 ALIGN="RIGHT" style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;"><B>After the offering </B></FONT></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT><BR></TH>
<TH ROWSPAN=4 style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=5 ROWSPAN=4 ALIGN="RIGHT" style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Assuming<BR>
underwriters' option<BR>
to purchase<BR>
additional shares is<BR>
not exercised </B></FONT></TH>
<TH ROWSPAN=4 style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=5 ROWSPAN=4 ALIGN="RIGHT" style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Assuming<BR>
underwriters' option<BR>
to purchase<BR>
additional shares is<BR>
exercised in full </B></FONT></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
</TR>
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<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT><BR></TH>
<TH ROWSPAN=2 style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=5 ROWSPAN=2 ALIGN="RIGHT" style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Shares offered </B></FONT></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT><BR></TH>
<TH ROWSPAN=2 style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=5 ROWSPAN=2 ALIGN="RIGHT" style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Prior to the offering </B></FONT></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT><BR></TH>
<TH ROWSPAN=3 style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=3 ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Assuming<BR>
underwriters'<BR>
option to<BR>
purchase<BR>
additional<BR>
shares is not<BR>
exercised</B></FONT><BR></TH>
<TH ROWSPAN=3 style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=3 ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Assuming<BR>
underwriters'<BR>
option to<BR>
purchase<BR>
additional<BR>
shares is<BR>
exercised<BR>
in full</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Number of shares<BR>
beneficially owned </B></FONT></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Number of shares<BR>
beneficially owned </B></FONT></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Number of shares<BR>
beneficially owned </B></FONT></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Name</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Number<BR>
of shares</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Percentage<BR>
of shares</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Number<BR>
of shares</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Percentage<BR>
of shares</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Number<BR>
of shares</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Percentage<BR>
of shares</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


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</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;"><B>5% Stockholders and Selling stockholder</B></FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:16pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">BCP IV GrafTech Holdings&nbsp;LP(1)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">302,225,923</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">100%</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">35,000,000</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">40,250,000</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">267,225,923</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">88.4%</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">261,975,923</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">86.7%</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;"><B>Named Executive Officers, Directors and Director Nominees</B></FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:16pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">David J. Rintoul</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-left:16pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Ron A. Bloom</FONT></TD>
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<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-left:16pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Brian L. Acton</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">5,000</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">*</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">5,000</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">*</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:16pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Michel J. Dumas</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
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<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-left:16pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Anthony R. Taccone</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-left:16pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Joel L. Hawthorne</FONT></TD>
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<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:16pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Darrell A. Blair</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-left:16pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Lionel D. Batty</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;"><B>All Current Executive Officers, Directors and Director Nominees as a Group (11&nbsp;Persons)</B></FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B> &#151;</B></FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B> &#151;</B></FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B> &#151;</B></FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B> &#151;</B></FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B> 5,000</B></FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B> *</B></FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B> 5,000</B></FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B> *</B></FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
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 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less
than 1%  </FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(1)&nbsp;&nbsp;&nbsp;&nbsp;BCP
IV GrafTech Holdings LP beneficially owns an aggregate of 302,225,923 shares of common stock, after giving effect to the 3,022,259.23-for-1 stock split on our common stock. The
general partner of BCP IV GrafTech Holdings LP is BPE IV (Non-Cdn) GP LP, and the general partner of BPE IV (Non-Cdn) GP LP is Brookfield Capital Partners Ltd. Brian Chew, Jaspreet Dehl, Ronald
Fisher-Dayn, Joseph Freedman, David Gregory, David Grosman, Cyrus Madon, David Nowak, Jim Reid, A.J. Silber and Ryan Szainwald are officers of, and BCP GP Limited is the sole shareholder of,
Brookfield Capital Partners Ltd. and may therefore be deemed to be the beneficial owners of the shares. Ms. Dehl, Messrs. Chew, Fisher-Dayn, Freedman, Gregory, Grosman, Madon, Nowak, Reid, Silber and
Szainwald and Brookfield Capital Partners Ltd. disclaim beneficial ownership of the shares except to the extent of their pecuniary interest therein. The address of each of Brookfield Capital Partners
Ltd., Ms. Dehl, and Messrs. Chew, Fisher-Dayn, Freedman, Gregory, Grosman, Madon, Nowak, Reid, Silber and Szainwald is c/o Brookfield Asset Management Inc., 181 Bay Street, Suite 300, Bay Wellington
Tower, Toronto, ON M5J 2T3. </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>161</FONT></P>

<HR NOSHADE>
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NAME="page_ea71304_1_162"> </A>

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</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><A
NAME="ea71304_description_of_capital_stock"> </A>
<A NAME="toc_ea71304_1"> </A></FONT> <FONT SIZE=4><B>


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Description of capital stock    <BR>  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I>The following descriptions are summaries of the material terms of our Amended Certificate of Incorporation and Amended
By-Laws as they will be in effect prior to the completion of this offering. These descriptions contain all information which we consider to be material, but may not contain all of the information that
is important to you. To understand them fully, you should read our Amended Certificate of Incorporation and Amended By-Laws, copies of which are filed with the SEC as exhibits to the registration
statement of which this prospectus is a part. The summary below is qualified in its entirety by reference to our Amended Certificate of Incorporation and Amended By-Laws. The terms of these securities
may also be affected by the DGCL.</I></FONT></P>

<P style="font-family:arial;;margin-left:12.0pt;text-indent:-12.0pt;"><FONT SIZE=3><B>


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Authorized capitalization  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>As of April&nbsp;13, 2018, our capital structure consists of 3,000,000,000 authorized shares of common stock, par value $0.01 per share,
302,225,923 shares of which are currently outstanding (after giving effect to the 3,022,259.23-for-1 stock split on our common stock), and 300,000,000 shares of preferred stock, par value $0.01 per
share, none of which are currently outstanding. Upon the completion of this offering, there will be 302,225,923 outstanding shares of common stock and no outstanding shares of preferred stock. </FONT></P>

<P style="font-family:arial;;margin-left:12.0pt;text-indent:-12.0pt;"><FONT SIZE=3><B>


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Common stock  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The holders of our common stock are entitled to such dividends as our board of directors may declare from time to time from legally available
funds subject to the preferential rights of the holders of any shares of our preferred stock that we may issue in the future. The holders of our common stock are entitled to one vote per share on any
matter to be voted upon by stockholders, subject to the restrictions described below under the caption "Anti-Takeover Effects of Provisions of Our Certificate of Incorporation, Our By-Laws and
Delaware Law." </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our
Amended Certificate of Incorporation will not provide for cumulative voting in connection with the election of directors. Accordingly, directors will be elected by a majority of the shares voting
once a quorum is present. No holder of our common stock has any preemptive rights, conversion rights or other subscription rights, and there are no redemption or sinking fund provisions applicable to
our common stock. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Upon
any voluntary or involuntary liquidation, dissolution or winding up of our affairs, the holders of our common stock are entitled to share, on a pro rata basis, all assets remaining after payment
to creditors and subject to prior distribution rights of any shares of preferred stock that we may issue in the future. All of the outstanding shares of common stock are, and the shares offered by the
selling stockholder in this offering will be, fully paid and non-assessable. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>As
of April&nbsp;13, 2018, we had 302,225,923 shares of common stock outstanding and one holder of record of common stock. The number of shares reflects the 3,022,259.23-for-1 stock split on our
common stock effected on April&nbsp;12, 2018. </FONT></P>

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Preferred stock  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>No shares of our preferred stock are currently outstanding. Our Amended Certificate of Incorporation will authorize our board of directors,
without further action by our stockholders, to issue shares of preferred stock in one or more classes or series. The board may fix or alter the rights, preferences and privileges of </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>162</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>the
preferred stock, along with any limitations or restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences of each class or series
of preferred stock. The preferred stock could have voting or conversion rights that could adversely affect the voting power or other rights of holders of our common stock. The issuance of preferred
stock could also have the effect, under certain circumstances, of delaying, deferring or preventing a change of control of our company. We currently have no plans to issue any shares of preferred
stock. </FONT></P>

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Stockholder Rights Agreement  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>For a description of the Stockholder Rights Agreement that we have entered into with the selling stockholder, see "Certain Relationships and
Related Party Transactions&#151;Stockholder Rights Agreement." </FONT></P>

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Anti-Takeover effects of provisions of our Certificate of Incorporation, our By-Laws and Delaware law  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our Amended Certificate of Incorporation and Amended By-Laws will contain a number of provisions relating to corporate governance and to the
rights of stockholders. Certain of these provisions may be deemed to have a potential "anti-takeover" effect in that such provisions may delay, defer or prevent a change of control or an unsolicited
acquisition proposal that a stockholder might consider favorable, including a proposal that might result in the payment of a premium over the market price for the shares held by the stockholders.
These provisions include: </FONT></P>


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Classified board of directors  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our Amended Certificate of Incorporation will provide that our board of directors will be divided into three classes of directors, with the classes to be as
nearly equal in number as possible, and with the directors serving three-year terms. As a result, approximately one-third of our board of directors will be elected each year. The Amended Certificate
of Incorporation will provide that while the selling stockholder owns more than 50% of our outstanding common stock, the classification of the board of directors and the other provisions of the
Amended Certificate of Incorporation may be amended by the affirmative vote of the holders of a majority of the voting power of our outstanding common stock. The Amended Certificate of Incorporation
will also provide that after the selling stockholder ceases to own more than 50% of our outstanding common stock, these provisions may be amended only by the affirmative vote of the holders of
66<SUP>2</SUP>/<SMALL>3</SMALL>% of the voting power of our outstanding common stock. The classification of directors will have the effect of making it more difficult for stockholders to change the composition
of our board of directors. Our Amended Certificate of Incorporation and Amended By-Laws will provide that, subject to any rights of holders of preferred stock to elect additional directors under
specified circumstances, the number of directors are fixed from time to time exclusively pursuant to a resolution adopted by the board of directors. Our board of directors will initially have seven
members. Within one year of the consummation of this offering, our board will consist of eight members. </FONT></P>

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Removal of directors; vacancies  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our Amended Certificate of Incorporation will provide that while the selling stockholder owns more than 50% of our outstanding common stock, directors may be
removed at any time, with or without cause, by the affirmative vote of the holders of a majority of the voting power of our outstanding common stock. Our Amended Certificate of Incorporation will also
provide that after the selling stockholder ceases to own more than 50% of our outstanding common stock, directors may be removed only for cause and then only by the affirmative vote of the holders of
66<SUP>2</SUP>/<SMALL>3</SMALL>% or more of the voting power of our outstanding common stock. Furthermore, any vacancy on our board of directors, however occurring, including a vacancy </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>163</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>resulting
from an increase in the size of our board of directors, may only be filled by the affirmative vote of a majority of our directors then in office even if less than a quorum. These provisions
may deter a stockholder from removing incumbent directors and simultaneously gaining control of the board of directors by filling the vacancies created by such removal with its own nominees. </FONT></P>

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Business combinations  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We have opted out of Section&nbsp;203 of the DGCL, which regulates corporate takeovers; however, our Amended Certificate of Incorporation will contain
similar provisions providing that we may not engage in certain "business combinations" with any "interested stockholder" for a three-year period following the time that the stockholder became an
interested stockholder, unless:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the business combination or the transaction which resulted in the stockholder becoming an interested stockholder was approved by the board of
directors; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at
least 85% of our outstanding shares entitled to vote generally in the election of directors at the time the transaction commenced; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> on or after such time, the business combination is approved by the board of directors and authorized at a meeting of stockholders, and not by
written consent, by the affirmative vote of at least 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the outstanding shares entitled to vote generally in the election of directors that are not owned by the interested
stockholder. </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>Generally,
a "business combination" includes a merger, asset or stock sale or other transaction resulting in a financial benefit to the interested stockholder. Subject to certain exceptions, an
"interested stockholder" is any entity or person beneficially owning 15% or more of our outstanding shares entitled to vote generally in the election of directors or any entity or person affiliated
with or controlling or controlled by any of these entities or persons and who beneficially owned 15% or more of our outstanding shares entitled to vote generally in the election of directors at any
time within the three-year period immediately prior to the date on which it is sought to be determined whether such person is an interested stockholder or an entity or person affiliated with or
controlling or controlled by any of these entities or persons. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Under
certain circumstances, this provision will make it more difficult for a person who would be an "interested stockholder" to effect various business combinations with a corporation for a
three-year period. This provision may encourage companies interested in acquiring our Company to negotiate in advance with our board of directors because the stockholder approval requirement would be
avoided if our board of directors approves either the business combination or the transaction which results in the stockholder becoming an interested stockholder. These provisions also may have the
effect of preventing changes in our board of directors and may make it more difficult to accomplish transactions which stockholders may otherwise deem to be in their best interests. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our
Amended Certificate of Incorporation will provide that Brookfield and its affiliates and any of their respective direct or indirect transferees and any group as to which such persons are a party
do not constitute "interested stockholders" for purposes of this provision. </FONT></P>

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Special stockholder meetings  </I></FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>Our Amended Certificate of Incorporation will provide that special meetings of our stockholders may be called at any time only by or at the direction of the
board of directors or the chairman of the board of directors; provided, however, so long as Brookfield and its affiliates own more than 50% of our </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>164</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>outstanding
common stock, special meetings of our stockholders may also be called by the board of directors or the chairman of the board of directors at the request of Brookfield and its affiliates.
Our Amended By-Laws will prohibit the conduct of any business at a special meeting other than as specified in the notice for such meeting. These provisions may have the effect of deferring, delaying
or discouraging hostile takeovers, or changes in control or management of our Company. </FONT></P>

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Requirements for advance notification of director nominations and stockholder proposals  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our Amended By-Laws will establish advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as directors,
other than nominations made by or at the direction of the board of directors. In order for any matter to be "properly brought" before a meeting, a stockholder will have to comply with advance notice
requirements and provide us with certain information. Generally, to be timely, a stockholder's notice must be received at our principal executive offices not earlier than the opening of business
120&nbsp;days prior, and not later than the close of business 90&nbsp;days before, the first anniversary date of the immediately preceding annual meeting of stockholders. Our Amended By-Laws will
also specify requirements as to the form and content of a stockholder's notice. Our Amended By-Laws will provide that the board of directors may adopt by resolution the rules and regulations for the
conduct of meetings. Our Amended By-Laws will allow the chairman of the meeting at a meeting of the stockholders to adopt rules and regulations for the conduct of meetings which may have the effect of
precluding the conduct of certain business at a meeting if the rules and regulations are not followed. These provisions will not apply to Brookfield and its affiliates so long for as long as they hold
more than 50% of our outstanding common stock. These provisions may also defer, delay or discourage a potential acquirer from conducting a solicitation of proxies to elect the acquirer's own slate of
directors or otherwise attempting to influence or obtain control of our Company. </FONT></P>

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Stockholder action by written consent  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our Amended Certificate of Incorporation will provide that stockholder action can be taken by written consent in lieu of a meeting while the selling
stockholder owns more than 50% of our outstanding common stock. After the selling stockholder ceases to own more than 50% of our outstanding common stock, stockholder action can be taken only at an
annual meeting or special meeting of stockholders and cannot be taken by written consent in lieu of a meeting. </FONT></P>

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Supermajority provisions  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our Amended Certificate of Incorporation and Amended By-Laws will provide that the board of directors is expressly authorized to adopt, make, alter, amend or
repeal our Amended By-Laws without a stockholder vote in any matter not inconsistent with the laws of the state of Delaware. After the selling stockholder ceases to own more than 50% of our
outstanding common stock, any adoption, alteration, amendment or repeal of our Amended By-Laws by our stockholders will require the affirmative vote of holders of at least 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the
voting power of our outstanding common stock. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
DGCL provides generally that the affirmative vote of a majority of the outstanding shares then entitled to vote is required to amend a corporation's certificate of incorporation, unless the
certificate of incorporation requires a greater percentage. Our Amended Certificate of Incorporation will provide that after the selling stockholder ceases to own more than 50% of our outstanding
common stock, it may be amended only by a vote of at least 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the voting power of our outstanding common stock. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
combination of the classification of our board of directors, the lack of cumulative voting and the supermajority voting requirements will make it more difficult for our existing stockholders to
replace our board of directors as well as for another party to obtain control of us by replacing our board of directors. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>165</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>Because
our board of directors has the power to retain and discharge our officers, these provisions could also make it more difficult for existing stockholders or another party to effect a change in
management. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>These
provisions may have the effect of deterring hostile takeovers or delaying or preventing changes in control of our management or our Company, such as a merger, reorganization or tender offer.
These provisions are intended to enhance the likelihood of continued stability in the composition of our board of directors and its policies and to discourage certain types of transactions that may
involve an actual or threatened acquisition of us. These provisions are designed to reduce our vulnerability to an unsolicited acquisition proposal. The provisions are also intended to discourage
certain tactics that may be used in proxy fights. However, such provisions could have the effect of discouraging others from making tender offers for our shares and, as a consequence, they may also
inhibit fluctuations in the market price of our shares of common stock that could result from actual or rumored takeover attempts. </FONT></P>

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Authorized but unissued or undesignated capital stock  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our authorized capital stock consists of 3,000,000,000&nbsp;shares of common stock. A large quantity of authorized but unissued shares may deter potential
takeover attempts because of the ability of our board of directors to authorize the issuance of some or all of these shares to a friendly party, or to the public, which would make it more difficult
for a potential acquirer to obtain control of us. This possibility may encourage persons seeking to acquire control of us to negotiate first with our board of directors. The authorized but unissued
stock may be issued by the board of directors in one or more transactions. In this regard, our Amended Certificate of Incorporation will grant the board of directors broad power to establish the
rights and preferences of authorized and unissued preferred stock. The issuance of shares of preferred stock pursuant to the board of directors' authority described above could decrease the amount of
earnings and assets available for distribution to holders of common stock and adversely affect the rights and powers, including voting rights, of such holders and may have the effect of delaying,
deferring or preventing a change of control. The board of directors does not currently intend to seek stockholder approval prior to any issuance of preferred stock, unless otherwise required by law. </FONT></P>


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Dissenters' rights of appraisal and payment  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Under the DGCL, with certain exceptions, our stockholders have appraisal rights in connection with a merger or consolidation of us. Pursuant
to the DGCL, stockholders who properly request and perfect appraisal rights in connection with such merger or consolidation will have the right to receive payment of the fair value of their shares as
determined by the Court of Chancery in the State of Delaware. </FONT></P>

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Stockholders' derivative actions  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Under the DGCL, any of our stockholders may bring an action in our name to procure a judgment in our favor, also known as a derivative action,
provided that the stockholder bringing the action is a holder of our shares at the time of the transaction to which the action relates or such stockholder's stock thereafter devolved by operation of
law. </FONT></P>

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Choice of forum  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our Amended Certificate of Incorporation will provide that unless we consent to the selection of an alternative forum, the Court of Chancery
of the State of Delaware is the sole and exclusive forum for any derivative action or proceeding brought on our behalf; any action asserting a breach of fiduciary duty; any action asserting a claim
against us arising pursuant to the DGCL, our Amended Certificate of Incorporation or Amended By-Laws; or any action asserting a claim against us that is governed by the internal affairs </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>166</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>doctrine.
Any person or entity purchasing or otherwise acquiring any interest in our shares of common stock shall be deemed to have notice of and consented to the forum provisions in our Amended
Certificate of Incorporation. </FONT></P>


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Conflicts of interest  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Delaware law permits corporations to adopt provisions renouncing any interest or expectancy in certain opportunities that are presented to the
corporation or its officers, directors or stockholders. Our Amended Certificate of Incorporation will, to the maximum extent permitted from time to time by Delaware law, renounce any interest or
expectancy that we have in, or right to be offered an opportunity to participate in, specified business opportunities that are from time to time presented to certain entities and individuals
associated with us. Our Amended Certificate of Incorporation will provide that, to the fullest extent permitted by law, Brookfield or any person affiliated with Brookfield (including any non-employee
director affiliated with Brookfield who serves as one of our officers in both his director and officer capacities) or his or her affiliates will not have any duty to refrain from (i)&nbsp;engaging
in a corporate opportunity in the same or similar lines of business in which we or our affiliates now engage or propose to engage or (ii)&nbsp;otherwise competing with us or our affiliates. In
addition, to the fullest extent permitted by law, in the event that Brookfield or any person affiliated with Brookfield acquires knowledge of a potential transaction or other business opportunity
which may be a corporate opportunity for itself or himself or its or his affiliates or for us or our affiliates, such person will have no duty to communicate or offer such transaction or business
opportunity to us or any of our affiliates, may take any such opportunity for themselves or offer it to another person or entity and shall not be liable to us or any of our affiliates, subsidiaries or
stockholders for breach of any duty as a stockholder, director or officer or otherwise for pursuing or acquiring such opportunity. </FONT></P>

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Limitation of liability and indemnification of officers and directors  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our Amended Certificate of Incorporation will provide that no director shall be personally liable to us or any of our stockholders for
monetary damages for breach of fiduciary duty as a director, except to the extent such exemption from liability or limitation thereof is not permitted under the DGCL. Our Amended Certificate of
Incorporation and Amended By-Laws will provide that we will indemnify,
hold harmless and advance expenses to the fullest extent permitted by the DGCL, any person made or threatened to be made a party to any action or is involved in a proceeding by reason of the fact that
the person is or was our director or officer, or our director or officer who, while a director or officer, is or was serving at the request of the company as a director, officer, employee, agent or
manager of another corporation, partnership, limited liability company, joint venture, trust or other enterprise or non-profit entity, including service with respect to an employee benefit plan. Our
Amended By-Laws will also provide that, subject to applicable law, the company may, by action of its board of directors, grant rights to indemnification and advancement of expenses to persons other
than its directors and officers with such scope and effect as the board of directors may then determine. We intend to enter into customary indemnification agreements with each of our executive
officers and directors that provide them, in general, with customary indemnification in connection with their service to us or on our behalf. </FONT></P>

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Transfer agent and registrar  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The transfer agent and registrar for our common stock is Computershare Trust Company,&nbsp;N.A. </FONT></P>

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Listing  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our common stock has been approved for listing on the NYSE under the symbol "EAF." </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>167</FONT></P>

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Shares eligible for future sale    <BR>  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Prior to this offering, there has been no public market for our common stock, and we cannot predict the effect, if any, that sales of shares
or availability of any shares for sale will have on the market price of our common stock prevailing from time to time. Sales of substantial amounts of common stock (including shares issued on the
exercise of options, warrants or convertible securities, if any) or the perception that such sales could occur, could adversely affect the market price of our common stock and our ability to raise
additional capital through a future sale of securities. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Prior
to the completion of this offering, we will have 302,225,923&nbsp;shares of common stock issued and outstanding. All of the 35,000,000&nbsp;shares of our common stock sold in this offering
(or 40,250,000&nbsp;shares if the underwriters exercise their overallotment option in full) will be freely tradable without restriction or further registration under the Securities Act unless such
shares are purchased by "affiliates" as that term is defined in Rule&nbsp;144 under the Securities Act. Upon completion of this offering, approximately 88% (or approximately 87% if the underwriters
exercise their overallotment option in full) of our outstanding common stock will be held by the selling stockholder. These shares will be "restricted securities" as that phrase is defined in
Rule&nbsp;144. Subject to certain contractual restrictions, including the lock-up agreements described below, holders of restricted shares will be entitled to sell those shares in the public market
if they qualify for an exemption from registration under Rule&nbsp;144 or any other applicable exemption under the Securities Act. Subject to the lock-up agreements described below and the
provisions of Rules&nbsp;144 and 701, additional shares will be available for sale as set forth below. </FONT></P>

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Lock-Up agreements  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In connection with this offering, we, our directors, our executive officers and the selling stockholder have agreed with the underwriters,
subject to certain exceptions, not to dispose of or hedge any of our common stock or securities convertible into or exercisable or exchangeable for shares of our common stock, file or cause to be
filed a registration statement covering shares of common stock or any securities that are convertible into, exercisable or exchangeable for any shares of our common stock, or publicly disclose the
intention to do any of the foregoing, during the period from the date of this prospectus continuing through the date 180 days after the date of this prospectus, except with the prior written consent
of J.P.&nbsp;Morgan Securities&nbsp;LLC and Credit Suisse Securities (USA)&nbsp;LLC. For additional information, including regarding certain exceptions to which this agreement is subject, see
"Underwriting." </FONT></P>

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Rule&nbsp;144  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In general, under Rule&nbsp;144 under the Securities Act, a person (or persons whose shares are aggregated) who is not deemed to have been
an affiliate of ours at any time during the three months preceding a sale, and who has beneficially owned restricted securities within the meaning of Rule&nbsp;144 for at least six months (including
any period of consecutive ownership of preceding non-affiliated holders) would be entitled to sell those shares, subject only to the availability of current public information about us. A
non-affiliated person who has beneficially owned restricted securities within the meaning of Rule&nbsp;144 for at least one year would be entitled to sell those shares without regard to the
provisions of Rule&nbsp;144. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>A
person (or persons whose shares are aggregated) who is deemed to be an affiliate of ours and who has beneficially owned restricted securities within the meaning of Rule&nbsp;144 for at least six
months would be entitled to sell within any three-month period a number of shares that does not exceed the greater of one percent of the then outstanding shares of our common stock or the average
weekly trading volume of our </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>168</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>common
stock during the four calendar weeks preceding such sale. Such sales are also subject to certain manner of sale provisions, notice requirements and the availability of current public
information about us. </FONT></P>

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Rule&nbsp;701  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In general, under Rule&nbsp;701 of the Securities Act, most of our employees, consultants or advisors who purchased shares from us in
connection with a qualified compensatory stock plan or other written agreement are eligible to resell those shares 90&nbsp;days after the date of this prospectus in reliance on Rule&nbsp;144, but
without compliance with the holding period or certain other restrictions contained in Rule&nbsp;144. </FONT></P>

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Equity Plan  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Following the date of this prospectus, we intend to file a registration statement on Form&nbsp;S-8 under the Securities Act to register the
issuance of 15,000,000&nbsp;shares of common stock under the Equity Plan and we may file one or more Form S-8 registration statements in the future to register the issuance of additional shares
under any other stock plans approved in the future. These registration statements will become effective upon filing. All of the shares issued or to be issued upon the exercise of stock options or
settlement of other awards under our stock plans are or will be eligible for resale in the public market without restrictions, subject to Rule&nbsp;144 limitations applicable to affiliates and the
lock-up agreements described elsewhere in this prospectus. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>169</FONT></P>

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Material U.S. federal income tax considerations to non-U.S. holders    <BR>  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The following discussion is a summary of material U.S. federal income tax considerations generally applicable to the purchase, ownership and
disposition of our common stock by Non-U.S. Holders. A "Non-U.S. Holder" means a beneficial owner of our common stock that is (for U.S. federal income tax
purposes):</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> a nonresident alien individual, </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> a foreign corporation, </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> a foreign estate or foreign trust, or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> a person that is otherwise not subject to U.S. federal income tax on a net income basis in respect of such common stock. </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>A
"Non-U.S. Holder" does not include an individual who is present in the United States for 183&nbsp;days or more in the taxable year of disposition and is not otherwise a resident of the United
States for U.S. federal income tax purposes. If you are such an individual, you should consult your own tax advisors regarding the U.S. federal income tax consequences of the sale, exchange or other
disposition of our common stock. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>This
discussion deals only with common stock held as a capital asset by Non-U.S. Holders who purchased common stock in this offering. This discussion does not cover all aspects of U.S. federal income
taxation that may be relevant to the purchase, ownership or disposition of our common stock by prospective investors in light of their specific facts and circumstances. In particular, this discussion
does not address all of the tax considerations that may be relevant to persons in special tax situations, including, but not limited to: a foreign government or governmental entity, a dealer in
securities or currencies, a financial institution, a regulated investment company, a real estate investment trust, a tax-exempt organization, an insurance company, a person holding common stock as
part of a hedging, integrated, conversion or straddle transaction or a person deemed to sell common stock under the constructive sale provisions of the Code, a trader in securities that has elected
the mark-to-market method of accounting, an entity or arrangement that is treated as a partnership for U.S. federal income tax purposes or owners of such entity or arrangement, a person that received
such common stock in connection with the performance of services, a pension fund or retirement account, a "controlled foreign corporation," a "passive foreign investment company," a corporation that
accumulates earnings to avoid U.S. federal income tax, a person that will hold shares of our common stock in connection with a U.S. trade or business or a U.S. permanent establishment, or a former
citizen or long-term resident of the United States. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>This
section does not address any other U.S. federal tax considerations (such as Medicare, estate or gift tax) or any state, local or non-U.S. tax considerations. You should consult your own tax
advisors about the tax consequences of the purchase, ownership and disposition of our common stock in light of your own particular circumstances, including the tax consequences under state, local,
foreign and other tax laws and the possible effects of any changes in applicable tax laws. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Furthermore,
this summary is based on the tax laws of the United States, including the Code, existing and proposed regulations, and administrative and judicial interpretations, all as currently in
effect. Such authorities may be repealed, revoked, modified or subject to differing interpretations, possibly on a retroactive basis, so as to result in U.S. federal income tax consequences different
from those discussed below. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>170</FONT></P>

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Dividends  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>If we make a distribution of cash or property with respect to our common stock, such distributions generally will constitute dividends for
U.S. federal income tax purposes to the extent of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. If a distribution exceeds our current and
accumulated earnings and profits, the excess will be treated as a tax-free return of your investment, up to your tax basis in the common stock. Any remaining excess will be treated as capital gain,
subject to the tax treatment described below in "&#151;Sale, Exchange or Other Taxable Disposition of Common Stock." Any distributions will also be subject to the discussions below under the
headings "&#151;Foreign Account Tax Compliance Act" and "&#151;Information Reporting and Backup Withholding." </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Dividends
paid to you generally will be subject to U.S. federal withholding tax at a 30% rate, or such lower rate as may be specified by an applicable tax treaty. Even if you are eligible for a lower
treaty rate, we and other payers will generally be required to withhold at a 30% rate (rather than the lower treaty rate) on dividend payments to you, unless you have furnished to us or such other
payer a valid Internal Revenue Service (or IRS) Form&nbsp;W-8BEN or IRS Form&nbsp;W-8BEN-E, as applicable, or other documentary evidence establishing your entitlement to the lower treaty rate with
respect to such payments and neither we nor our paying agent (or other payer) have actual knowledge or reason to know to the contrary. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>If
you are eligible for a reduced rate of U.S. federal withholding tax pursuant to an applicable income tax treaty or otherwise, you may obtain a refund of any excess amounts withheld by timely filing
an appropriate claim for refund with the IRS. Investors are encouraged to consult with their own tax advisors regarding the possible implications of these withholding requirements on their investment
in the common stock. </FONT></P>

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Sale, exchange or other taxable disposition of common stock  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>You generally will not be subject to U.S. federal income tax with respect to gain recognized on a sale, exchange or other taxable disposition
of shares of our common stock unless we are or have been a United States real property holding corporation for U.S. federal income tax purposes and you held, directly or indirectly, at any time during
the five-year period ending on the date of the disposition, more than 5% of our common stock. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
are not and do not anticipate becoming a United States real property holding corporation for U.S. federal income tax purposes. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Investors
are encouraged to consult with their own tax advisors regarding the possible implications of these withholding requirements on their investment in the common stock and the potential for a
refund or credit in the case of any withholding tax. </FONT></P>

<P style="font-family:arial;;margin-left:12.0pt;text-indent:-12.0pt;"><FONT SIZE=3><B>


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Foreign Account Tax Compliance Act  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The Foreign Account Tax Compliance Act (or FATCA) imposes withholding taxes on certain types of payments made to "foreign financial
institutions" (as specially defined under these rules to include many entities that may not typically be thought of as financial institutions) and certain other non-U.S. entities if certification,
information reporting and other specified requirements are not met. FATCA imposes a 30% withholding tax on "withholdable payments" if they are paid to a foreign financial institution or to a foreign
non-financial entity unless (i)&nbsp;the foreign financial institution undertakes certain diligence and reporting obligations and other specified requirements are satisfied or (ii)&nbsp;the
foreign non-financial entity either certifies it does not have any substantial U.S. owners or furnishes identifying information regarding </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>171</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>each
substantial U.S. owner and other specified requirements are satisfied. "Withholdable payments" will include dividends on our common stock and any gross proceeds from the sale or other disposition
of our common stock. If the payee is a foreign financial institution, it must enter into an agreement with the U.S. Treasury requiring, among other things, that it undertake to identify accounts held
by certain U.S. persons or U.S.-owned foreign entities, annually report certain information about such accounts and withhold 30% on payments to account holders whose actions prevent it from complying
with these reporting and other requirements. Under final U.S. Treasury Regulations and current IRS guidance, any withholding on payments of gross proceeds from the sale or disposition of our common
stock will only apply to payments made on or after January&nbsp;1, 2019. An intergovernmental agreement between the United States and an applicable foreign country may modify the requirements
described in this paragraph. Prospective investors should consult their own tax advisors regarding this legislation. </FONT></P>

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Information reporting and backup withholding  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We must report annually to the IRS and to each Non-U.S. Holder the amount of dividends paid to such holder and the tax withheld with respect
to such dividends, regardless of whether withholding was required. Copies of the information returns reporting such dividends and withholding may also be made available to the tax authorities in the
country in which you reside under the provisions of an applicable income tax treaty. You may be subject to backup withholding for dividends paid to you unless you certify under penalty of perjury that
you are not a U.S. person or otherwise establish an exemption. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Proceeds
from the sale, exchange or other disposition of our common stock by a Non-U.S. Holder effected outside the United States through a non-U.S. office of a non-U.S. broker generally will not be
subject to information reporting and backup withholding, provided that the proceeds are paid to the Non-U.S. Holder outside the United States. However, proceeds from the sale, exchange or other
disposition of our common stock by a Non-U.S. Holder effected through a non-U.S. office of a non-U.S. broker with certain specified U.S. connections or a U.S. broker generally will be subject to
information reporting (but generally not to backup withholding), even if the proceeds are paid to such Non-U.S. Holder outside the United States, unless such Non-U.S. Holder certifies under penalty of
perjury that it is not a U.S. person (for instance, by providing an IRS Form&nbsp;W-8BEN or W-8BEN-E to the applicable withholding agent) or otherwise establishes an exemption. Proceeds from the
sale, exchange or other disposition of our common stock by a Non-U.S. Holder effected through a U.S. office of a broker generally will be subject to information reporting and backup withholding unless
such Non-U.S. Holder certifies under penalty of perjury that it is not a U.S. person (for instance, by providing an IRS Form&nbsp;W-8BEN or W-8BEN-E to the applicable withholding agent) or otherwise
establishes an exemption. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Any
amounts withheld under the backup withholding rules may be allowed as a refund or a credit against your U.S. federal income tax liability provided the required information is timely furnished to
the IRS. </FONT></P>

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Underwriting    <BR>  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The selling stockholder is offering the shares of common stock described in this prospectus through a number of underwriters.
J.P.&nbsp;Morgan Securities&nbsp;LLC and Credit Suisse Securities&nbsp;(USA)&nbsp;LLC are acting as joint book running managers of the offering and as representatives of the underwriters. We
and the selling stockholder have entered into an underwriting agreement with the underwriters. Subject to the terms and conditions of the underwriting agreement, the selling stockholder has agreed to
sell to the underwriters, and each underwriter has severally agreed to purchase, at the public offering price less the underwriting discounts and commissions set forth on the cover page of this
prospectus, the number of shares of common stock listed next to its name in the following table: </FONT></P>
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 J.P. Morgan Securities&nbsp;LLC</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>10,982,635</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Credit Suisse Securities (USA) LLC</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>9,152,196</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Citigroup Global Markets Inc.&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>3,964,045</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RBC Capital Markets, LLC</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>3,964,045</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 HSBC Securities (USA) Inc.&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>3,303,371</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>BMO Capital Markets Corp.&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>1,321,348</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 BNP Paribas Securities Corp.&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>578,090</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CIBC World Markets Corp.&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>578,090</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 National Bank Financial Inc.&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>578,090</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>TD Securities (USA) LLC</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>578,090 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>35,000,000 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:arial;"><FONT SIZE=2>The
underwriters are committed to purchase all the common shares offered by the selling stockholder if they purchase any shares. The underwriting agreement also provides that if an underwriter
defaults, the
purchase commitments of non-defaulting underwriters may also be increased or the offering may be terminated. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
underwriters propose to offer the common shares directly to the public at the initial public offering price set forth on the cover page of this prospectus and to certain dealers at that price less
a concession not in excess of $0.4725 per share. After the closing of the initial offering of the shares to the public, if all the common shares are not sold at the initial public offering price, the
underwriters may change the offering price and the other selling terms. Sales of shares made outside of the United States may be made by affiliates of the underwriters. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
underwriters have an option to buy up to 5,250,000 additional shares of common stock from the selling stockholder to cover sales of shares by the underwriters which exceed the number of shares
specified in the table above. The underwriters have 30&nbsp;days from the date of this prospectus to exercise this option to purchase additional shares. If any shares are purchased with this option
to purchase additional shares, the underwriters will purchase shares in approximately the same proportion as shown in the table above. If any additional shares of common stock are purchased, the
underwriters will offer the additional shares on the same terms as those on which the shares are being offered. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>One
of our independent director nominees has agreed to purchase an aggregate of 5,000&nbsp;shares of common stock in this offering at the public offering price. The allocation of shares in this
offering to our independent director nominee was made at our direction. The underwriters will not receive any </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>173</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<A NAME="page_ee71304_1_174"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>underwriting
discount or commission from the shares of our common stock purchased by this director nominee in this offering. The shares sold to this director nominee will be subject to a lock-up
agreement described below. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
underwriting fee is equal to the public offering price per share of common stock less the amount paid by the underwriters to the selling stockholder per share of common stock. The underwriting fee
is $0.8062 per share. The following table shows the per share and total underwriting discounts and commissions to be paid to the underwriters assuming both no exercise and full exercise of the
underwriters' option to purchase additional shares. </FONT></P>
 <div style="display:none;*display:block;margin-top:-4pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR style="line-height:0pt;"><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="100.00%" style="font-family:arial;"><div style="width:100.00%;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="61.42pt" style="font-family:arial;"><div style="width:61.42pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="61.42pt" style="font-family:arial;"><div style="width:61.42pt;"></div></TD>
<TD WIDTH="12pt" style="font-family:arial;"><div style="width:12pt;"></div></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Without<BR>
option to<BR>
purchase<BR>
additional shares<BR>
exercise</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>With full<BR>
option to<BR>
purchase<BR>
additional shares<BR>
exercise </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Per Share<SUP>(1)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>0.8062</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>0.8062</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total<SUP>(1)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>28,212,969</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>32,445,519 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><font
style="font-size:6pt;position:relative;top:-2pt;add_sup:2pt;">(1)</font>&nbsp;&nbsp;The
underwriters will not receive an underwriting discount or commission on the sale of our common stock to one independent director nominee. The selling stockholder
will receive the full public offering price for such shares. </FONT></P>
 </DIV>
 <P style="font-family:arial;"><FONT SIZE=2>We
estimate that the total expenses of this offering, including registration, filing and listing fees, printing fees and legal and accounting expenses, but excluding the underwriting discounts and
commissions, will be approximately $5.2&nbsp;million. In addition, we have agreed to reimburse the underwriters for up to $25,000 of
reasonable expenses, application fees and the fees and disbursements of counsel incurred in connection with the filing and clearance of this offering with the Financial Industry Regulatory Authority,
Inc. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>A
prospectus in electronic format may be made available on the web sites maintained by one or more underwriters, or selling group members, if any, participating in the offering. The underwriters may
agree to allocate a number of shares to underwriters and selling group members for sale to their online brokerage account holders. Internet distributions will be allocated by the representatives to
underwriters and selling group members that may make Internet distributions on the same basis as other allocations. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>We,
our directors, our executive officers and the selling stockholder have agreed with the underwriters, subject to certain exceptions, not to dispose of or hedge any of our common stock or securities
convertible into or exercisable or exchangeable for shares of our common stock, file or cause to be filed a registration statement covering shares of common stock or any securities that are
convertible into, exercisable or exchangeable for any shares of our common stock, or publicly disclose the intention to do any of the foregoing, during the period from the date of this prospectus
continuing through the date 180 days after the date of this prospectus, except with the prior written consent of J.P.&nbsp;Morgan Securities&nbsp;LLC and Credit Suisse Securities (USA)&nbsp;LLC,
subject to certain exceptions, including: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(A)</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2>the
shares of our common stock to be sold in this offering;
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(B)</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2>the
issuance of shares of our common stock or other securities (including securities convertible into shares of our common stock) in connection with the acquisition
by us or any of our subsidiaries of the securities, businesses, properties or other assets of another person or entity or pursuant to any employee benefit plan assumed by us in connection with such
acquisition;&nbsp;or
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(C)</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2>the
issuance of shares of our common stock or other securities (including securities convertible into shares of our common stock) in connection with joint ventures,
commercial relationships or other strategic transactions; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>174</FONT></P>

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<UL>
<UL>

<P style="font-family:arial;"><FONT SIZE=2>provided
that, in the case of clauses&nbsp;(B) and&nbsp;(C), the aggregate number of shares of our common stock issued in all such acquisitions and transactions will not exceed 5% of our issued
and outstanding common stock on the closing date of this offering and any recipients of such shares of our common stock will deliver a lock-up agreement to the underwriters. </FONT></P>

</UL>
</UL>

<P style="font-family:arial;"><FONT SIZE=2>We
and the selling stockholder have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our
common stock has been approved for listing/quotation on the NYSE under the symbol "EAF." </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
connection with this offering, the underwriters may engage in stabilizing transactions, which involves making bids for, purchasing and selling shares of common stock in the open market for the
purpose of preventing or retarding a decline in the market price of the common stock while this offering is in progress. These stabilizing transactions may include making short sales of the common
stock, which involves the sale by the underwriters of a greater number of shares of common stock than they are required to purchase in this offering, and purchasing shares of common stock on the open
market to cover positions created by short sales. Short sales may be "covered" shorts, which are short positions in an amount not greater than the underwriters' option to purchase additional shares
referred to above, or may be "naked" shorts, which are short positions in excess of that amount. The underwriters may close out any covered short position either by exercising their option to purchase
additional shares, in whole or in part, or by purchasing shares in the open market. In making this determination, the underwriters will consider, among other things, the price of shares available for
purchase in the open market compared to the price at which the underwriters may purchase shares through the option to purchase additional shares. A naked short position is more likely to be created if
the underwriters are concerned that there may be downward pressure on the price of the common stock in the open market that could adversely affect investors who purchase in this offering. To the
extent that the underwriters create a naked short position, they will purchase shares in the open market to cover the position. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
underwriters have advised us that, pursuant to Regulation&nbsp;M of the Securities Act of 1933, they may also engage in other activities that stabilize, maintain or otherwise affect the price of
the common stock, including the imposition of penalty bids. This means that if the representatives of the underwriters purchase common stock in the open market in stabilizing transactions or to cover
short sales, the representatives can require the underwriters that sold those shares as part of this offering to repay the underwriting discount received by them. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>These
activities may have the effect of raising or maintaining the market price of the common stock or preventing or retarding a decline in the market price of the common stock, and, as a result, the
price of the common stock may be higher than the price that otherwise might exist in the open market. If the underwriters commence these activities, they may discontinue them at any time. The
underwriters may carry out these transactions on the NYSE, in the over the counter market or otherwise. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Prior
to this offering, there has been no public market for our common stock. The initial public offering price was determined by negotiations between us, the selling stockholder and the
representatives of the underwriters. In determining the initial public offering price, we, the selling stockholder and the representatives of the underwriters considered a number of factors
including:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the information set forth in this prospectus and otherwise available to the representatives; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> our prospects and the history and prospects for the industry in which we compete; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> an assessment of our management; </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>175</FONT></P>

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<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> our prospects for future earnings; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the general condition of the securities markets at the time of this offering; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> the recent market prices of, and demand for, publicly traded common stock of generally comparable companies; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> other factors deemed relevant by the underwriters, us and the selling stockholder. </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>Neither
we, the selling stockholder nor the underwriters can assure investors that an active trading market will develop for our common shares, or that the shares will trade in the public market at or
above the initial public offering price. </FONT></P>

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Selling restrictions  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Other than in the United States, no action has been taken by us, the selling stockholder or the underwriters that would permit a public
offering of the securities offered by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or sold, directly or
indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published in any jurisdiction,
except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform
themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to
buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful. </FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Notice to prospective investors in the European Economic Area  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (each, a Relevant Member State) with effect from
and including the date on which the Prospectus Directive is implemented in that Relevant Member State, no offer of shares may be made to the public in that Relevant Member State other than: </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
any legal entity which is a qualified investor as defined in the Prospectus Directive; </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus Directive), subject to obtaining the prior consent of the representatives; or </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
any other circumstances falling within Article&nbsp;3(2) of the Prospectus Directive; </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>provided
that no such offer of shares shall require us or the representatives to publish a prospectus pursuant to Article&nbsp;3 of the Prospectus Directive or supplement a prospectus pursuant to
Article&nbsp;16 of the Prospectus Directive and each person who initially acquires any shares or to whom any offer is made will be deemed to have represented, acknowledged and agreed to and with
each of the underwriters and the Company that it is a "qualified investor" within the meaning of the law in that Relevant Member State implementing Article&nbsp;2(1)(e) of the Prospectus Directive.
In the case of any shares being offered to a financial intermediary as that term is used in Article&nbsp;3(2) of the Prospectus Directive, each such financial intermediary will be deemed to have
represented, acknowledged and agreed that the shares acquired by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to their
offer or resale to, persons in circumstances which may give rise to an offer of any shares to the public other than their offer or resale in a Relevant Member State to qualified investors as </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>176</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>so
defined or in circumstances in which the prior consent of the representatives has been obtained to each such proposed offer or resale. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>For
the purposes of this provision, the expression "an offer of shares to the public" in relation to any shares in any Relevant Member State means the communication in any form and by means of
sufficient information on the terms of the offer and the shares to be offered so as to enable an investor to decide to purchase shares, as the same may be varied in that Member State by any measure
implementing the Prospectus Directive in that Member State, and the expression "Prospectus Directive" means Directive&nbsp;2003/71/EC (as amended, including by Directive 2010/73/EU) and includes any
relevant implementing measure in the Relevant Member State. </FONT></P>

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Notice to prospective investors in the United Kingdom  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In addition, in the United Kingdom, this document is being distributed only to, and is directed only at, and any offer subsequently made may only be directed
at persons who are "qualified investors" (as defined in the Prospectus Directive) (i)&nbsp;who have professional experience in matters relating to investments falling within Article&nbsp;19
(5)&nbsp;of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (or the Order) and/or (ii)&nbsp;who are high net worth companies (or persons to whom it may
otherwise be lawfully communicated) falling within Article&nbsp;49(2)(a) to (d)&nbsp;of the Order (all such persons together being referred to as "relevant persons") or otherwise in circumstances
which have not resulted and will not result in an offer to the public of shares in the United Kingdom within the meaning of the Financial Services and Markets Act 2000. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Any
person in the United Kingdom that is not a relevant person should not act or rely on the information included in this document or use it as basis for taking any action. In the United Kingdom, any
investment or investment activity that this document relates to may be made or taken exclusively by relevant persons. </FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Notice to prospective investors in Canada  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The shares may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National
Instrument&nbsp;45-106 Prospectus Exemptions or subsection&nbsp;73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument&nbsp;31-103 Registration
Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the shares must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements
of applicable securities laws. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Securities
legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a
misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or
territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal
advisor. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Pursuant
to section&nbsp;3A.3 of National Instrument&nbsp;33-105 Underwriting Conflicts (NI&nbsp;33-105), the underwriters are not required to comply with the disclosure requirements of
NI&nbsp;33-105 regarding underwriter conflicts of interest in connection with this offering. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>177</FONT></P>

<HR NOSHADE>
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Notice to prospective investors in Switzerland  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange (or SIX) or on any other stock exchange or regulated
trading facility in Switzerland. This document does not constitute a prospectus within the meaning of, and has been prepared without regard to the disclosure standards for issuance prospectuses under
art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange
or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material relating to the shares or the offering may be publicly distributed or otherwise made
publicly available in Switzerland. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Neither
this document nor any other offering or marketing material relating to the offering, the Company, or the shares has been or will be filed with or approved by any Swiss regulatory authority. In
particular, this document will not be filed with, and the offer of shares will not be supervised by, the Swiss Financial Market Supervisory Authority FINMA (or FINMA), and the offer of shares has not
been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes (or CISA). The investor protection afforded to acquirers of interests in collective investment schemes
under the CISA does not extend to acquirers of shares. </FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Notice to prospective investors in the Dubai International Financial Centre (or DIFC)  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>This prospectus relates to an Exempt Offer in accordance with the Markets Rules&nbsp;2012 of the Dubai Financial Services Authority (or DFSA). This document
is intended for distribution only to persons of a type specified in the Markets Rules&nbsp;2012 of the DFSA. It must not be delivered to, or relied on by, any
other person. The DFSA has no responsibility for reviewing or verifying any documents in connection with Exempt Offers. The DFSA has not approved this prospectus supplement nor taken steps to verify
the information set forth herein and has no responsibility for this document. The securities to which this document relates may be illiquid and/or subject to restrictions on their resale. Prospective
purchasers of the securities offered should conduct their own due diligence on the securities. If you do not understand the contents of this document you should consult an authorized financial
advisor. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
relation to its use in the DIFC, this document is strictly private and confidential and is being distributed to a limited number of investors and must not be provided to any person other than the
original recipient, and may not be reproduced or used for any other purpose. The interests in the securities may not be offered or sold directly or indirectly to the public in the DIFC. </FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>



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Notice to prospective investors in the United Arab Emirates  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The shares have not been, and are not being, publicly offered, sold, promoted or advertised in the United Arab Emirates (including the Dubai International
Financial Centre) other than in compliance with the laws of the United Arab Emirates (and the Dubai International Financial Centre) governing the issue, offering and sale of securities. Further, this
prospectus does not constitute a public offer of securities in the United Arab Emirates (including the Dubai International Financial Centre) and is not intended to be a public offer. This prospectus
has not been approved by or filed with the Central Bank of the United Arab Emirates, the Securities and Commodities Authority or the Dubai Financial Services Authority. </FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Notice to prospective investors in Australia  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>This prospectus:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> does not constitute a product disclosure document or a prospectus under Chapter&nbsp;6D.2 of the Corporations Act 2001 (Cth) (or the
Corporations Act); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> has not been, and will not be, lodged with the Australian Securities and Investments Commission (or ASIC), as a disclosure document for the
purposes of the Corporations Act and does not purport to include the information required of a disclosure document under Chapter&nbsp;6D.2 of the Corporations Act; </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>178</FONT></P>

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<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> does not constitute or involve a recommendation to acquire, an offer or invitation for issue or sale, an offer or invitation to arrange the
issue or sale, or an issue or sale, of interests to a "retail client" (as defined in section&nbsp;761G of the Corporations Act and applicable regulations) in Australia; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> may only be provided in Australia to select investors who are able to demonstrate that they fall within one or more of the categories of
investors, or Exempt Investors, available under section&nbsp;708 of the Corporations Act. </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>The
shares may not be directly or indirectly offered for subscription or purchased or sold, and no invitations to subscribe for or buy the shares may be issued, and no draft or definitive offering
memorandum, advertisement or other offering material relating to any shares may be distributed in Australia, except where disclosure to investors is not required under Chapter&nbsp;6D of the
Corporations Act or is otherwise in compliance with all applicable Australian laws and regulations. By submitting an application for the shares, you represent and warrant to us that you are an Exempt
Investor. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>As
any offer of shares under this document will be made without disclosure in Australia under Chapter&nbsp;6D.2 of the Corporations Act, the offer of those securities for resale in Australia within
12&nbsp;months may, under section&nbsp;707 of the Corporations Act, require disclosure to investors under Chapter&nbsp;6D.2 if none of the exemptions in section&nbsp;708 applies to that
resale. By applying for the shares you undertake to us that you will not, for a period of 12&nbsp;months from the date of issue of the shares, offer, transfer, assign or otherwise alienate those
securities to investors in Australia except in circumstances where disclosure to investors is not required under Chapter&nbsp;6D.2 of the Corporations Act or where a compliant disclosure document is
prepared and lodged with ASIC. </FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Notice to prospective investors in Japan  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The shares have not been and will not be registered pursuant to Article&nbsp;4, Paragraph&nbsp;1 of the Financial Instruments and Exchange Act.
Accordingly, none of the shares nor any interest therein may be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any "resident" of Japan (which term as used herein means
any person resident in Japan, including any corporation or other entity organized under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to or for the
benefit of a resident of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the Financial Instruments and Exchange Act and any other
applicable laws, regulations and ministerial guidelines of Japan in effect at the relevant time. </FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Notice to prospective investors in Hong Kong  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The shares have not been offered or sold and will not be offered or sold in Hong Kong, by means of any document, other than (a)&nbsp;to "professional
investors" as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance; or (b)&nbsp;in other circumstances which do not result in the document
being a "prospectus" as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32)&nbsp;of Hong Kong or which do not constitute an
offer to the public within the meaning of that Ordinance. No advertisement, invitation or document relating to the shares has been or may be issued or has been or may be in the possession of any
person for the purposes of issue, whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted
to do so under the securities laws of Hong Kong) other than with respect to shares which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as
defined in the Securities and Futures Ordinance and any rules made under that Ordinance. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>179</FONT></P>

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Notice to prospective investors in Singapore  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or
material in connection with the offer or sale, or invitation for subscription or purchase, of shares may not be circulated or distributed, nor may the shares be offered or sold, or be made the subject
of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i)&nbsp;to an institutional investor under Section&nbsp;274 of the Securities and
Futures Act, Chapter&nbsp;289 of Singapore (or the SFA), (ii)&nbsp;to a relevant person pursuant to Section&nbsp;275(1), or any person pursuant to Section&nbsp;275(1A), and in accordance with
the conditions specified in Section&nbsp;275 of the SFA, or (iii)&nbsp;otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Where
the shares are subscribed or purchased under Section&nbsp;275 of the SFA by a relevant person which is: </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;a
corporation (which is not an accredited investor (as defined in Section&nbsp;4A of the SFA)) the sole business of which is to hold investments and the entire share capital of
which is owned by one or more individuals, each of whom is an accredited investor; or </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>(b)&nbsp;&nbsp;&nbsp;a
trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor, </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>securities
(as defined in Section&nbsp;239(1) of the SFA) of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferred within six months
after that corporation or that trust has acquired the shares pursuant to an offer made under Section&nbsp;275 of the SFA except: </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;to
an institutional investor or to a relevant person defined in Section&nbsp;275(2) of the SFA, or to any person arising from an offer referred to in Section&nbsp;275(1A) or
Section&nbsp;276(4)(i)(B) of the SFA; </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>(b)&nbsp;&nbsp;&nbsp;where
no consideration is or will be given for the transfer; </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;where
the transfer is by operation of law; </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>(d)&nbsp;&nbsp;&nbsp;as
specified in Section&nbsp;276(7) of the SFA; or </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;as
specified in Regulation&nbsp;32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations&nbsp;2005 of Singapore </FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Notice to prospective investors in Bermuda  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Shares may be offered or sold in Bermuda only in compliance with the provisions of the Investment Business Act of 2003 of Bermuda which regulates the sale of
securities in Bermuda. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Additionally,
non-Bermudian persons (including companies) may not carry on or engage in any trade or business in Bermuda unless such persons are permitted to do so under applicable Bermuda
legislation. </FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Notice to prospective investors in Saudi Arabia  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>This prospectus may not be distributed in the Kingdom of Saudi Arabia except to such persons as are permitted under the Offers of Securities Regulations as
issued by the board of the Saudi Arabian Capital Market Authority (or CMA) pursuant to resolution number&nbsp;2-11-2004 dated 4&nbsp;October 2004 as amended by resolution number&nbsp;1-28-2008,
as amended (or the CMA Regulations). The CMA does not make any representation as to the accuracy or completeness of this document and expressly disclaims any liability whatsoever for any loss arising
from, or incurred in reliance upon, any part of this document. Prospective </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>180</FONT></P>

<HR NOSHADE>
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<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>purchasers
of the securities offered hereby should conduct their own due diligence on the accuracy of the information relating to the securities. If you do not understand the contents of this
document, you should consult an authorized financial adviser. </FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Notice to prospective investors in the British Virgin Islands  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The shares are not being, and may not be offered to the public or to any person in the British Virgin Islands for purchase or subscription by or on behalf of
the Company. The shares may be offered to companies incorporated under the BVI Business Companies Act, 2004 (British Virgin Islands),or BVI Companies), but only where the offer will be made to, and
received by, the relevant BVI Company entirely outside of the British Virgin Islands. This prospectus has not been, and will not be, registered with the Financial Services Commission of the British
Virgin Islands. No registered prospectus has been or will be prepared in respect of the shares for the purposes of the Securities and Investment Business Act, 2010 (or SIBA) or the Public Issuers Code
of the British Virgin Islands. </FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Notice to prospective investors in China  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>This prospectus does not constitute a public offer of shares, whether by sale or subscription, in the People's Republic of China (or the PRC). The shares are
not being offered or sold directly or indirectly in the PRC to or for the benefit of, legal or natural persons of the PRC. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Further,
no legal or natural persons of the PRC may directly or indirectly purchase any of the shares or any beneficial interest therein without obtaining all prior PRC's governmental approvals that
are required, whether statutorily or otherwise. Persons who come into possession of this document are required by the issuer and its representatives to observe these restrictions. </FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Notice to prospective investors in Korea  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The shares have not been and will not be registered under the Financial Investments Services and Capital Markets Act of Korea and the decrees and regulations
thereunder (or the FSCMA), and the shares have been and will be offered in Korea as a private placement under the FSCMA. None of the shares may be offered, sold or delivered directly or indirectly, or
offered or sold to any person for re-offering or resale, directly or indirectly, in Korea or to any resident of Korea except pursuant to the applicable laws and regulations of Korea, including the
FSCMA and the Foreign Exchange Transaction Law of Korea and the decrees and regulations thereunder (or the FETL). The shares have not been listed on any of the securities exchanges in the world
including, without limitation, the Korea Exchange in Korea. Furthermore, the purchaser of the shares shall comply with all applicable regulatory requirements (including but not limited to requirements
under the FETL) in connection with the purchase of the shares. By the purchase of the shares, the relevant holder thereof will be deemed to represent and warrant that if it is in Korea or is a
resident of Korea, it purchased the shares pursuant to the applicable laws and regulations of Korea. </FONT></P>


<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Notice to prospective investors in Malaysia  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>No prospectus or other offering material or document in connection with the offer and sale of the shares has been or will be registered with the Securities
Commission of Malaysia (or Commission) for the Commission's approval pursuant to the Capital Markets and Services Act 2007. Accordingly, this prospectus and any other document or material in
connection with the offer or sale, or invitation for subscription or purchase, of the shares may not be circulated or distributed, nor may the shares be offered or sold, or be made the subject of an
invitation for subscription or purchase, whether directly or indirectly, to persons in Malaysia other than (i)&nbsp;a closed end fund approved by the Commission; (ii)&nbsp;a holder of a Capital
Markets Services Licence; (iii)&nbsp;a person who acquires the shares, as principal, if the offer is on terms that the </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>181</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>shares
may only be acquired at a consideration of not less than RM250,000 (or its equivalent in foreign currencies) for each transaction; (iv)&nbsp;an individual whose total net personal assets or
total net joint assets with his or her spouse exceeds RM3&nbsp;million (or its equivalent in foreign currencies), excluding the value of the primary residence of the individual; (v)&nbsp;an
individual who has a gross annual income exceeding RM300,000 (or its equivalent in foreign currencies) per annum in the preceding twelve months; (vi)&nbsp;an individual who, jointly with his or her
spouse, has a gross annual income of RM400,000 (or its equivalent in foreign currencies), per annum in the preceding twelve months; (vii)&nbsp;a corporation with total net assets exceeding
RM10&nbsp;million (or its equivalent in a foreign currencies) based on the last audited accounts; (viii)&nbsp;a partnership with total net assets exceeding RM10&nbsp;million (or its equivalent
in foreign currencies); (ix)&nbsp;a bank licensee or insurance licensee as defined in the Labuan Financial Services and Securities Act 2010; (x)&nbsp;an Islamic bank licensee or takaful licensee
as defined in the Labuan Financial Services and Securities Act 2010; and (xi)&nbsp;any other person as may be specified by the Commission; provided that, in the each of the preceding
categories&nbsp;(i) to (xi), the distribution of the shares is made by a holder of a Capital Markets Services Licence who carries on the business of dealing in securities. The distribution in
Malaysia of this prospectus is subject to Malaysian laws. This prospectus does not constitute and may not be used for the purpose of public offering or an issue, offer for subscription or purchase,
invitation to subscribe for or purchase any securities requiring the registration of a prospectus with the Commission under the Capital Markets and Services Act 2007. </FONT></P>


<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Notice to prospective investors in Taiwan  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The shares have not been and will not be registered with the Financial Supervisory Commission of Taiwan pursuant to relevant securities laws and regulations
and may not be sold, issued or offered within Taiwan through a public offering or in circumstances which constitutes an offer within the meaning of the Securities and Exchange Act of Taiwan that
requires a registration or approval of the Financial Supervisory Commission of Taiwan. No person or entity in Taiwan has been authorised to offer, sell, give advice regarding or otherwise intermediate
the offering and sale of the shares in Taiwan. </FONT></P>


<P style="font-family:arial;;margin-left:12.0pt;text-indent:-12.0pt;"><FONT SIZE=3><B>


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Other relationships  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Certain of the underwriters and their respective affiliates have provided in the past to us and our affiliates and may provide from time to
time in the future certain commercial banking, financial advisory, investment banking and other services for us and our affiliates in the ordinary course of their business, for which they have
received and may continue to receive customary fees and commissions. In addition, from time to time, certain of the underwriters and their respective affiliates may effect transactions for their own
account or the account of customers, and hold on behalf of themselves or their customers, long or short positions in our debt or equity securities or loans, and may do so in the future. An affiliate
of J.P.&nbsp;Morgan Securities&nbsp;LLC is the administrative agent and the collateral agent, as well as a lender, an issuing bank and the swingline lender under the 2018 Credit Agreement. J.P.
Morgan Securities&nbsp;LLC, Credit Suisse Securities (USA)&nbsp;LLC, Citigroup Global Markets&nbsp;Inc., HSBC&nbsp;Securities (USA)&nbsp;Inc. and RBC Capital Markets,&nbsp;LLC, or
affiliates of such institutions, are joint-lead arrangers and joint bookrunners under the 2018 Credit Agreement. In addition, Credit Suisse Securities (USA)&nbsp;LLC, Citigroup Global
Markets&nbsp;Inc., HSBC&nbsp;Securities (USA)&nbsp;Inc. and RBC Capital Markets,&nbsp;LLC, or affiliates thereof, are lenders and issuing banks under the 2018 Credit Agreement. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>182</FONT></P>

<HR NOSHADE>
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<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><A
NAME="eg71304_legal_matters"> </A>
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Legal matters    <BR>  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Certain legal matters relating to this offering will be passed upon for us by Cleary Gottlieb Steen&nbsp;&amp; Hamilton&nbsp;LLP, New York,
New York. The underwriters have been represented by Cravath, Swaine&nbsp;&amp; Moore&nbsp;LLP, New York, New York. The validity of the shares of common stock to be sold in this offering will be passed
upon by Richards, Layton &amp; Finger, P.A., Wilmington, Delaware. </FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><A
NAME="eg71304_experts"> </A>
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Experts    <BR>  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The consolidated financial statements as of December&nbsp;31, 2017 and 2016, and for each of the years ended December&nbsp;31, 2017,
December&nbsp;31, 2016 and December&nbsp;31, 2015 (January&nbsp;1, 2015 to August&nbsp;14, 2015, Predecessor Period, and August&nbsp;15, 2015 to December&nbsp;31, 2015, Successor Period),
included in this prospectus have been audited by Deloitte&nbsp;&amp; Touche&nbsp;LLP, an independent registered public accounting firm, as stated in their report appearing herein. Such financial
statements have been so included in reliance upon the report of such firm given upon their authority as experts in accounting and auditing. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>183</FONT></P>

<HR NOSHADE>
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<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><A
NAME="eg71304_where_you_can_find_more_information"> </A>
<A NAME="toc_eg71304_3"> </A></FONT> <FONT SIZE=4><B>


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Where you can find more information    <BR>  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We have filed a registration statement, of which this prospectus is a part, on Form&nbsp;S-1 with the SEC relating to this offering. This
prospectus does not contain all of the information in the registration statement and the exhibits included with the registration statement. References in this prospectus to any of our contracts,
agreements or other documents are not necessarily complete, and you should refer to the exhibits attached to the registration statement for copies of the actual contracts, agreements or documents. You
may read and copy the registration statement, the related exhibits and other material we file with the SEC at the SEC's public reference room in Washington, D.C. at 100&nbsp;F Street,
Room&nbsp;1580, N.E., Washington, D.C. 20549. You can also request copies of those documents, upon payment of a duplicating fee, by writing to the SEC. Please call the Commission at 1-800-SEC-0330
for further information on the operation of the public reference rooms. The SEC also maintains an internet site that contains reports, proxy and information statements and other information regarding
issuers that file with the SEC. The website address is http://www.sec.gov. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Upon
the effectiveness of the registration statement, we will be subject to the informational requirements of the Exchange Act, and, in accordance with the Exchange Act, will file reports, proxy and
information statements and other information with the SEC. Such annual, quarterly and special reports, proxy and information statements and other information can be inspected and copied at the
locations set forth above. We intend to make this information available on the investors relations section of our website, www.graftech.com. Information on, or accessible through, our website is not
part of this prospectus. We have included our website address only as an inactive textual reference and do not intend it to be an active link to our website. We have in the past voluntarily elected to
file annual and quarterly reports and other information with the SEC. Unless otherwise specified in this prospectus, information in these reports is not part of this prospectus. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>184</FONT></P>

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Index to financial statements    <BR>  </B></FONT></P>

<P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">
<A NAME="FA71304_TOC"></A> </FONT></P>
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<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><B>Page</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><A HREF="#fc71304_report_of_independent___fc702279"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Report of independent registered public accounting firm</FONT></A></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#fc71304_report_of_independent___fc702279"><FONT SIZE=2>F-2</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><A HREF="#fe71304_graftech_international_ltd._an__gra04328"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Consolidated balance sheets</FONT></A></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#fe71304_graftech_international_ltd._an__gra04328"><FONT SIZE=2>F-3</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><A HREF="#COMP"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Consolidated statements of operations and comprehensive income (loss)</FONT></A></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#COMP"><FONT SIZE=2>F-4</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><A HREF="#fi71304_graftech_international_ltd._an__gra04101"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Consolidated statements of cash flows</FONT></A></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#fi71304_graftech_international_ltd._an__gra04101"><FONT SIZE=2>F-5</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD style="font-family:arial;"><A HREF="#fk71304_graftech_international_ltd._an__gra05234"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Consolidated statements of stockholders' equity</FONT></A></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#fk71304_graftech_international_ltd._an__gra05234"><FONT SIZE=2>F-6</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD style="font-family:arial;"><A HREF="#fm71304_graftech_international_ltd._an__gra05516"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Notes to the consolidated financial statements</FONT></A></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><A HREF="#fm71304_graftech_international_ltd._an__gra05516"><FONT SIZE=2>F-7</FONT></A></TD>
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</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A> </FONT></P>


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Report of independent registered public accounting firm    <BR>  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>To
the Board of Directors and Stockholders of<BR>
GrafTech International&nbsp;Ltd. and subsidiaries: </FONT></P>

<P style="font-family:arial;;margin-left:12.0pt;text-indent:-12.0pt;"><FONT SIZE=3><B>


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Opinion on the financial statements  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We have audited the accompanying consolidated balance sheets of GrafTech International&nbsp;Ltd. and its subsidiaries (the&nbsp;"Company")
as of December&nbsp;31, 2017 and 2016, the related consolidated statements of operations and comprehensive income (loss), stockholders' equity, and cash flows for the years ended December&nbsp;31,
2017 and 2016, the period August&nbsp;15, 2015 through December&nbsp;31, 2015&nbsp;(Successor Period), and the period January&nbsp;1, 2015 through August&nbsp;14, 2015 (Predecessor Period),
and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company
as of December&nbsp;31, 2017 and 2016, and the results of its operations and its cash flows for the years ended December&nbsp;31, 2017 and 2016, the period August&nbsp;15, 2015 through
December&nbsp;31, 2015 (Successor Period), and the period January&nbsp;1, 2015 through August&nbsp;14, 2015 (Predecessor Period), in conformity with accounting principles generally accepted in
the United&nbsp;States of&nbsp;America. </FONT></P>

<P style="font-family:arial;;margin-left:12.0pt;text-indent:-12.0pt;"><FONT SIZE=3><B>


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Basis for opinion  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United&nbsp;States) (PCAOB) and are required to be
independent with respect to the Company in accordance with the U.S.&nbsp;federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and
the&nbsp;PCAOB. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As
part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's
internal control over financial reporting. Accordingly, we express no such&nbsp;opinion. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those
risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for
our&nbsp;opinion. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>/s/
Deloitte &amp; Touche LLP </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Cleveland,
Ohio </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>March&nbsp;5,
2018 (April 12, 2018 as to the effects of the stock split described in Note&nbsp;16) </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
have served as the Company's auditor since 2015. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-2</FONT></P>

<HR NOSHADE>
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</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><A
NAME="fe71304_graftech_international_ltd._an__gra04328"> </A>
<A NAME="toc_fe71304_1"> </A></FONT> <FONT SIZE=4><B>


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GrafTech International&nbsp;Ltd. and Subsidiaries<BR>  Consolidated balance sheets<BR>  (Dollars in thousands, except share data)    <BR>  </B></FONT></P>
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<TD WIDTH="75pt" style="font-family:arial;"></TD>
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<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


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 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>As of<BR>
December&nbsp;31,<BR>
2017</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>Unaudited<BR>
Pro forma*</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>As of<BR>
December&nbsp;31,<BR>
2016 </B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


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 </b></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


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</B></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


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</B></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


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 </B></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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</FONT> <FONT SIZE=2><B>ASSETS</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current assets:</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 Cash and cash equivalents</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>13,365</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>13,365</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>11,610</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounts and notes receivable, net of allowance for doubtful accounts of $1,097 as of December&nbsp;31, 2017 and $326 as of December&nbsp;31,
2016</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>116,841</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>116,841</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>80,568</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 Inventories</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>174,151</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>174,151</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>156,111</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Prepaid expenses and other current assets</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>44,872</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>44,872</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>21,665</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 Current assets of discontinued operations</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>5,313</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>5,313</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>60,979 </FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:28pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total current assets</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>354,542</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>354,542</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>330,933 </FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Property, plant and equipment</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>642,651</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>642,651</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>585,704</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Less: accumulated depreciation</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>129,810</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>129,810</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>76,849 </FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Net property, plant and equipment</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>512,841</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>512,841</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>508,855</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred income taxes</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>30,768</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>30,768</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>19,803</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Goodwill</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>171,117</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>171,117</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>171,117</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other assets</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>129,835</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>129,835</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>141,568 </FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:37pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Total assets</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>1,199,103</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>1,199,103</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>1,172,276 </FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>LIABILITIES AND STOCKHOLDERS' EQUITY</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Current liabilities:</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounts payable</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>69,110</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>69,110</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>47,663</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Short-term debt</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>16,474</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>16,474</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>8,852</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash dividend payable</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>1,272,000</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Promissory note dividend payable</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>750,000</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accrued income and other taxes</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>9,737</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>9,737</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>5,256</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Other accrued liabilities</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>53,226</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>53,226</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>30,594</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current liabilities of discontinued operations</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>3,412</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>3,412</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>20,042 </FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:28pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Total current liabilities</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>151,959</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>2,173,959</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>112,407 </FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Long-term debt</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>322,900</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>322,900</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>356,580</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Other long-term obligations</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>68,907</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>68,907</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>82,148</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred income taxes</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>41,746</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>41,746</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>42,906</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Long-term liabilities of discontinued operations</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>376</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>376</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>850</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Commitments and Contingencies&#151;Notes&nbsp;11 and 13</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Stockholders' equity:</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Common stock, par value $.01, 3,000,000,000 shares authorized, 302,225,923 shares authorized and issued as of December&nbsp;31, 2017 and 2016</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>3,022</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>3,022</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>3,022</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Additional paid - in capital</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>851,315</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>851,315</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>851,315</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accumulated other comprehensive income (loss)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>20,289</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>20,289</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(7,558</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Accumulated deficit</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(261,411</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(2,283,411</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(269,394</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:28pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total stockholders' equity</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>613,215</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(1,408,785</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>577,385 </FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:47pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Total liabilities and stockholders' equity</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>1,199,103</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>1,199,103</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>1,172,276 </FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

</TABLE></DIV>
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 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
Notes&nbsp;1 and 16 </FONT></P>
 </DIV>

 <p style="font-family:arial;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT  style="font-size:8pt;line-height:9pt;"><I>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</i></font></p><p align=left style="font-family:arial;"><font></FONT><FONT  style="font-size:8pt;line-height:9pt;"><I>See accompanying Notes to the Consolidated Financial Statements</I></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-3</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=190,EFW="2235378",CP="GRAFTECH INTERNATIONAL LTD.",DN="1",CHK=22161,FOLIO='F-3',FILE='DISK103:[17ZDN4.17ZDN71304]FE71304A.;36',USER='RRICKEN',CD='19-APR-2018;09:32' -->
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<P style="font-family:arial;"><FONT SIZE=2><A
NAME="page_fg71304_1_4"> </A>

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</FONT> <FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A> </FONT></P>


<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=4><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


<A NAME="COMP"></A>GrafTech International&nbsp;Ltd. and Subsidiaries<BR>
Consolidated statements of operations and comprehensive income (loss)<BR>
(Dollars in thousands, except per share data)  </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:67%;margin-left:10%;">
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<TD WIDTH="" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="75pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="75pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="78pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="78pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;


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 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="RIGHT" style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>Successor </B></FONT></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>Predecessor </B></FONT></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>For the year<BR>
ended<BR>
December&nbsp;31,<BR>
2017</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>For the year<BR>
ended<BR>
December&nbsp;31,<BR>
2016</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>For the period<BR>
August&nbsp;15<BR>
through<BR>
December&nbsp;31,<BR>
2015</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>For the period<BR>
January&nbsp;1<BR>
through<BR>
August&nbsp;14,<BR>
2015</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net sales</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>550,771</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>437,963</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>193,133</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>339,907</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cost of sales</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>461,339</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>448,016</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>180,845</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>305,001</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Additions to lower of cost or market inventory reserve</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>1,509</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>18,974</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151; </FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




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 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gross profit (loss)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>87,923</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(29,027</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>12,288</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>34,906</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Research and development</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>2,951</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>2,399</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>1,083</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>3,377</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Selling and administrative expenses</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>49,479</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>57,784</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>23,768</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>64,397</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Impairment of long-lived assets and goodwill</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>2,843</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>35,381 </FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


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<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Operating income (loss)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>35,493</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(92,053</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(12,563</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(68,249</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other expense (income), net</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>1,634</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(2,188</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(813</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>1,421</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest expense</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>30,823</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>26,914</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>9,999</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>26,211</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest income</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(395</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(358</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(6</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(363</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


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<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income (loss) from continuing operations before provision (benefit) for income taxes</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>3,431</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(116,421</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(21,743</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(95,518</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>(Benefit) provision for income taxes</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(10,781</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(7,552</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>6,882</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>6,452 </FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income (loss) from continuing operations</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>14,212</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(108,869</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(28,625</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(101,970</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss from discontinued operations, net of tax*</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(6,229</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(126,974</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(4,926</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(18,679</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income (loss)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>7,983</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(235,843</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(33,551</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(120,649</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Basic and diluted income (loss) per common share (see Note&nbsp;16):</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income (loss) per share</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>0.03</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(0.78</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(0.11</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(0.88</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income (loss) from continuing operations per common share</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>0.05</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(0.36</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(0.09</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(0.74</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Weighted average common shares outstanding</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>302,225,923</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>302,225,923</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>302,225,923</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>137,152,430</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-top:9pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>STATEMENTS OF COMPREHENSIVE INCOME (LOSS)</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income (loss)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>7,983</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(235,843</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(33,551</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(120,649</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other comprehensive income (loss):</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:28pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Foreign currency translation adjustments</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>23,028</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>2,574</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(10,133</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(27,936</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:28pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Commodities and foreign currency derivatives and other, net of tax of $0, ($20), $21 and ($68), respectively</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>4,819</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>125</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(124</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>1,262 </FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other comprehensive income (loss), net of tax:</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>27,847</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>2,699</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(10,257</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(26,674</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Comprehensive income (loss)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>35,830</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(233,144</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(43,808</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(147,323</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


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</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss
on discontinued operations includes a pretax impairment charge of $119,907 in the year ended December&nbsp;31, 2016. See Note&nbsp;3&nbsp;"Discontinued Operations and Related
Assets Held for Sale"</FONT></P>
 </DIV>

 <p style="font-family:arial;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT  style="font-size:8pt;line-height:9pt;"><I>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</i></font></p><p align=left style="font-family:arial;"><font></FONT><FONT  style="font-size:8pt;line-height:9pt;"><I>See accompanying Notes to the Consolidated Financial Statements</I></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-4</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=191,EFW="2235378",CP="GRAFTECH INTERNATIONAL LTD.",DN="1",CHK=540954,FOLIO='F-4',FILE='DISK103:[17ZDN4.17ZDN71304]FG71304A.;24',USER='RRICKEN',CD='19-APR-2018;09:32' -->
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</FONT></P>

<!-- TOC_END -->

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A> </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2><A
NAME="fi71304_graftech_international_ltd._an__gra04101"> </A>
<A NAME="toc_fi71304_1"> </A></FONT> <FONT SIZE=4><B><BR>  GrafTech International&nbsp;Ltd. and Subsidiaries<BR>  Consolidated statements of cash flows<BR>  (Dollars in thousands)    <BR>  </B></FONT></P>
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<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


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<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Successor</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Predecessor </B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>For the year<BR>
ended<BR>
December&nbsp;31,<BR>
2017</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>For the year<BR>
ended<BR>
December&nbsp;31,<BR>
2016</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>For the<BR>
period<BR>
August&nbsp;15<BR>
through<BR>
December&nbsp;31,<BR>
2015</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>For the<BR>
period<BR>
January&nbsp;1<BR>
through<BR>
August&nbsp;14,<BR>
2015 </B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


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</B></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:7pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Cash flow from operating activities:</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:14pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Net income (loss)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">7,983</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(235,843</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(33,551</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(120,649</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:14pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Adjustments to reconcile net income (loss) to cash provided by operations:</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:22pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Depreciation and amortization</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">66,443</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">82,891</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">28,618</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">45,461</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:22pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Impairment of long-lived assets and goodwill</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">5,300</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">122,750</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">35,381</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:22pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Deferred income tax provision</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(15,695</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(12,062</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">5,368</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">924</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:22pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Post-retirement and pension plan (gains) charges</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(1,733</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(698</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">2,638</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">2,998</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:22pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Stock-based compensation</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">15,357</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:22pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Non-cash interest expense</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">6,805</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">6,551</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">2,351</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">14,180</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:22pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">(Gain) loss on sale of assets</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(9,108</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">198</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:22pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Other charges, net</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">1,234</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(235</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(1,934</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">102</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:14pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Net change in working capital*</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(20,004</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">68,630</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">26,763</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">45,594</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:14pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Change in long-term assets and liabilities</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(4,652</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(9,367</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(7,138</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(11,025</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



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 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:30pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Net cash provided by operating activities</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">36,573</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">22,815</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">23,115</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">28,323</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:7pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Cash flow from investing activities:</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:14pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Capital expenditures</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(34,664</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(27,858</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(18,442</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(32,301</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:14pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Cash received from divestitures</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">27,254</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">15,889</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:14pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Derivative instrument settlements, net</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">377</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">326</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(8,263</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:14pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Proceeds from the sale of fixed assets</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">5,211</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">1,121</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">632</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">646 </FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:30pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Net cash used in investing activities</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(2,199</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(10,471</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(17,484</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(39,918</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:7pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Cash flow from financing activities:</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:14pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Short-term debt borrowings (reductions), net</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">5,110</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">7,363</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(15,504</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">18,511</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:14pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Credit Facility borrowings</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">77,000</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">56,000</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">62,000</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">160,000</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:14pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Credit Facility reductions</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(114,839</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(70,469</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(68,000</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(99,000</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:14pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Repayment of Senior Subordinated Notes</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(200,000</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:14pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Issuance of preferred shares</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">150,000</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:14pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Principal payments on long-term debt</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(266</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(289</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(183</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(89</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:14pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Refinancing fees and debt issuance costs</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(922</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(5,068</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:14pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Other</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(1,385</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(3,530</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:30pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Net cash (used in) provided by financing activities</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(32,995</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(8,317</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(23,072</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">20,824</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:7pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Net change in cash and cash equivalents</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">1,379</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">4,027</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(17,441</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">9,229</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:7pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Effect of exchange rate changes on cash and cash equivalents</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">376</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">656</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(665</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(1,746</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:7pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Cash and cash equivalents at beginning of period</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">11,610</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">6,927</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">25,033</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">17,550 </FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:7pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Cash and cash equivalents at end of period</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">13,365</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">11,610</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">6,927</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">25,033 </FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:7pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;"><I>Supplemental disclosures of cash flow information:</I></FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:14pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;"><I>Net cash paid during the periods for:</I></FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:22pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;"><I>Interest</I></FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">25,277</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">23,578</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">10,880</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">10,661</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:22pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;"><I>Income taxes</I></FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">3,467</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">3,329</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">1,646</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">5,016</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:14pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;"><I>Non-cash operating, investing and financing activities:</I></FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:22pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;"><I>Common stock issued to savings and pension plan trusts</I></FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">1,874</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:7pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">* Net change in working capital due to the following components:</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:14pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Decrease (increase) in current assets:</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:22pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Accounts and notes receivable, net</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(29,755</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">3,432</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(9,524</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">61,008</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:22pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Inventories</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(15,649</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">53,548</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">47,853</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">1,164</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:22pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Prepaid expenses and other current assets</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(10,565</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(1,424</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">15,935</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">2,551</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:14pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Change in accounts payables and accruals</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">36,350</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">15,757</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(21,503</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(18,728</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:14pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Rationalizations</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(271</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(2,758</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(3,756</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(2,677</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:14pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Increase in interest payable</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(114</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">75</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(2,242</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">2,276 </FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


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 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:30pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">(Increase) decrease in working capital</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(20,004</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">)</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">68,630</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">26,763</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">45,594 </FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

</TABLE></DIV>
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 <p style="font-family:arial;line-height:1pt;margin-left:18pt;"> <FONT  style="font-size:8pt;line-height:9pt;"><I>
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&nbsp;&nbsp;&nbsp;
</i></font></p><p align=left style="font-family:arial;"><font></FONT><FONT  style="font-size:8pt;line-height:9pt;"><I>See accompanying Notes to the Consolidated Financial Statements</I></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-5</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A> </FONT></P>

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GrafTech International&nbsp;Ltd. and Subsidiaries<BR>  Consolidated statements of stockholders' equity<BR>  (Dollars in thousands, except share data)    <BR>  </B></FONT></P>
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</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=23 ALIGN="RIGHT" style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Predecessor </B></FONT></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Issued<BR>
shares of<BR>
common<BR>
stock</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Common<BR>
stock</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Additional<BR>
paid-in<BR>
capital</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Accumulated<BR>
other<BR>
comprehensive<BR>
loss</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Retained<BR>
earnings<BR>
(accumulated<BR>
deficit)</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Treasury<BR>
stock</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Common<BR>
stock held in<BR>
employee<BR>
benefit&nbsp;&amp;<BR>
compensation<BR>
trust</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Total<BR>
stockholders'<BR>
equity</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
</TR>
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<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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</FONT> <FONT SIZE=2><B>Balance as of December&nbsp;31, 2014</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>152,821,011</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>1,528</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>1,825,880</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(336,524</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(245,751</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(239,811</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(796</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>1,004,526 </FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Comprehensive income (loss):</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Net loss</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(120,649</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(120,649</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other comprehensive income (loss):</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:40pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Commodity and foreign currency derivatives and other, net of tax of ($68)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>1,262</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>1,262</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:40pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Foreign currency translation adjustments</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(27,936</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(27,936</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Total other comprehensive income (loss)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(26,674</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(26,674</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Brookfield preferred share issuance</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>145,205</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>145,205</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Stock-based compensation</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(2,331</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(16,530</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>31,826</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>15,296</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Common stock issued to savings and pension plan trusts</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>423,273</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>4</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>1,874</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>796</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>2,674</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Sale of common stock under stock options</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>7,450</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>32</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>32 </FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance as of August&nbsp;14, 2015</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>153,249,403</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>1,532</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>1,956,461</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(363,198</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(366,400</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(207,985</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>1,020,410 </FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=23 ALIGN="RIGHT" style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Successor </B></FONT></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Issued<BR>
shares of<BR>
common<BR>
stock</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Common<BR>
stock</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Additional<BR>
paid-in<BR>
capital</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Accumulated<BR>
other<BR>
comprehensive<BR>
income<BR>
(loss)</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Retained<BR>
earnings<BR>
(accumulated<BR>
deficit)</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Treasury<BR>
stock</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Common<BR>
stock held in<BR>
employee<BR>
benefit&nbsp;&amp;<BR>
compensation<BR>
trust</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Total<BR>
stockholders'<BR>
equity</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
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<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>Balance as of August&nbsp;15, 2015</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Brookfield capital contribution</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>302,225,923</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>3,022</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>851,315</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>854,337</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Other comprehensive income (loss):</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net loss</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(33,551</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(33,551</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Other comprehensive income (loss):</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Commodity and foreign currency derivatives and other, net of tax of $21</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(124</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(124</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Foreign currency translation adjustments</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(10,133</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(10,133</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total other comprehensive income (loss)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(10,257</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(10,257</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>Balance as of December&nbsp;31, 2015</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>302,225,923</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>3,022</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>851,315</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(10,257</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(33,551</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>810,529 </FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net loss</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(235,843</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(235,843</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Other comprehensive income (loss):</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Commodity and foreign currency derivatives and other, net of tax of ($20)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>125</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>125</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Foreign currency translation adjustments</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>2,574</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>2,574 </FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:40pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total other comprehensive (loss) income</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>2,699</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>2,699</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>Balance as of December&nbsp;31, 2016</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>302,225,923</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>3,022</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>851,315</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(7,558</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(269,394</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>577,385 </FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>7,983</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>7,983</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Other comprehensive income (loss):</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Commodity and foreign currency derivatives and other, no tax impact</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>4,819</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>4,819</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Foreign currency translation adjustments</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>23,028</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>23,028 </FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total other comprehensive (loss) income</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>27,847</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>27,847</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>Balance as of December&nbsp;31, 2017</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>302,225,923</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>3,022</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>851,315</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>20,289</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(261,411</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>613,215 </FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



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 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

</TABLE></DIV>
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 <p style="font-family:arial;line-height:1pt;margin-left:18pt;"> <FONT  style="font-size:8pt;line-height:9pt;"><I>
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&nbsp;&nbsp;&nbsp;
</i></font></p><p align=left style="font-family:arial;"><font></FONT><FONT  style="font-size:8pt;line-height:9pt;"><I>See accompanying Notes to the Consolidated Financial Statements</I></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-6</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<P style="font-family:arial;"><FONT SIZE=2><A
NAME="page_fm71304_1_7"> </A>

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</FONT></P>

<!-- TOC_END -->

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:arial;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><A
NAME="fm71304_graftech_international_ltd._an__gra05516"> </A>
<A NAME="toc_fm71304_1"> </A></FONT> <FONT SIZE=4><B>


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GrafTech International&nbsp;Ltd. and Subsidiaries<BR>  Notes to the consolidated financial statements<BR>  (Dollars in thousands, except as otherwise noted)    <BR>  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=3><B>(1)&nbsp;&nbsp;&nbsp;Business and summary of significant accounting policies  </B></FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


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Discussion of business and structure  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>GrafTech International&nbsp;Ltd. (the "Company") is a leading manufacturer of high quality graphite electrode products essential to the production of
electric arc furnace steel and other ferrous and non-ferrous metals. References herein to "GTI," "we," "our," or "us" refer collectively to GrafTech International&nbsp;Ltd. and its subsidiaries. On
August&nbsp;15, 2015, GTI became an indirect wholly owned subsidiary of Brookfield Asset Management&nbsp;Inc. ("Brookfield") through a tender offer to our former shareholders and subsequent merger
transaction. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
Company's only reportable segment, Industrial Materials, is comprised of our two major product categories: graphite electrodes and needle coke products. Needle coke is the key raw material to
producing graphite electrodes. The Company's vision is to provide the highest quality graphite electrodes at the lowest cost while providing the best customer service all while striving to be the
lowest cost producer. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
previously operated an Engineered Solutions business segment. See Note&nbsp;3 "Discontinued Operations and Assets Held for Sale" for further information. All results from the Engineered Solutions
business have been excluded from continuing operations, unless otherwise indicated. </FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Summary of significant accounting policies  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The Consolidated Financial Statements include the financial statements of GrafTech International&nbsp;Ltd. and its wholly owned subsidiaries. All
intercompany transactions have been eliminated in consolidation. </FONT></P>


<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Cash equivalents  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We consider all highly liquid financial instruments with original maturities of three months or less to be cash equivalents. Cash equivalents consist of
certificates of deposit, money market funds and commercial paper. </FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Revenue recognition  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Revenue from sales of our commercial products is recognized when they meet four basic criteria (1)&nbsp;persuasive evidence of an arrangement exists,
(2)&nbsp;delivery has occurred, (3)&nbsp;the amount is determinable and (4)&nbsp;collection is reasonably assured. Sales are recognized when both title and the risks and rewards of ownership are
transferred to the customer or services have been rendered and fees have been earned in accordance with the contract. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Volume
discounts and rebates are estimated and are recorded as a reduction of revenue in conjunction with the sale of the related products. Changes to estimates are recorded when they become probable.
Shipping and handling revenues billed to our customers are included in net sales and the related shipping and handling costs are included as an increase to cost of sales. </FONT></P>


<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Inventories  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Inventories are stated at the lower of cost or market. Cost is principally determined using the "first-in first-out" ("FIFO") and average cost, which
approximates FIFO, methods. Elements of cost in inventory include raw materials, direct labor and manufacturing overhead. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-7</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<A NAME="page_fm71304_1_8"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
allocate fixed production overheads to the costs of conversion based on normal capacity of the production facilities. We recognize abnormal amounts of idle facility expense, freight, handling
costs, and wasted materials (spoilage) as current period charges. </FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Property, plant and equipment  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Expenditures for property, plant and equipment are recorded at cost. Maintenance and repairs of property and equipment are expensed as incurred. Expenditures
for replacements and betterments are capitalized and the replaced assets are retired. Gains and losses from the sale of property are included in cost of goods sold or other (income) expense, net. We
depreciate our assets using the straight-line method over the estimated useful lives of the assets. The ranges of estimated useful lives are as follows: </FONT></P>
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<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="45pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


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</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>Years </B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203;


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 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Buildings</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>25 - 40</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Land improvements</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>20</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Machinery and equipment</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Furniture and fixtures</FONT></TD>
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 <P style="font-family:arial;"><FONT SIZE=2>The
carrying value of fixed assets is assessed when events and circumstances indicating impairment are present. Recoverability of assets to be held and used is measured by a comparison of the carrying
amount of the assets to future undiscounted net cash flows expected to be generated by the assets. If the assets are considered to be impaired, the impairment to be recognized is measured by the
amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>Depreciation
expense was $50.4&nbsp;million for 2017 and $63.4&nbsp;million in 2016. Depreciation expense was $18.8&nbsp;million for the period August&nbsp;15 through December&nbsp;31, 2015
and $26.7&nbsp;million for the period January&nbsp;1 through August&nbsp;14, 2015. Capital expenditures within accounts payable totaled $13.6&nbsp;million as of December&nbsp;31, 2017. </FONT></P>

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Accounts receivable  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Trade accounts receivable primarily arise from sales of goods to customers and distributors in the normal course of business. </FONT></P>


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Allowance for doubtful accounts  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Judgment is required in assessing the likelihood of collection of receivables, including the current creditworthiness of each customer, related aging of the
past due balances and the facts and circumstances surrounding any non-payment. We evaluate specific accounts when we become aware of a situation where a customer may not be able to meet its financial
obligations. The reserve requirements are based on the best facts available to us and are reevaluated and adjusted as additional information is received. Receivables are charged off when amounts are
determined to be uncollectible. </FONT></P>


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Capitalized bank fees  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We capitalize bank fees upon the incurrence of debt and record them as a contra-liability against our debt. We had capitalized bank fees of
$0.4&nbsp;million and $0.7&nbsp;million as of December&nbsp;31, 2017 and 2016, respectively. We amortize such amounts over the life of the respective debt instrument using the effective interest
method. The estimated life may be adjusted upon the occurrence of a triggering event. Amortization of capitalized bank fees amounted to $0.3&nbsp;million and $0.2&nbsp;million in 2017 and 2016, </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-8</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>respectively.
We had no amortization of capitalized bank fees in the period August&nbsp;15 through December&nbsp;31, 2015, and $2.1&nbsp;million in the period January&nbsp;1 through
August&nbsp;14, 2015. Capitalized bank fee amortization is included in interest expense. </FONT></P>

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Derivative financial instruments  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We do not use derivative financial instruments for trading purposes. They are used to manage well-defined commercial risks associated with commodity contracts
and currency exchange rate risks. </FONT></P>

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Foreign currency derivatives  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We enter into foreign currency derivatives from time to time to manage exposure to changes in currency exchange rates. These instruments, which include, but
are not limited to, forward exchange contracts and purchased currency options, attempt to hedge global currency exposures, relating to non-dollar denominated debt and identifiable foreign currency
receivables, payables and commitments held by our foreign and domestic subsidiaries. Forward exchange contracts are agreements to exchange different currencies at a specified future date and at a
specified rate. Purchased foreign currency options are instruments which give the holder the right, but not the obligation, to exchange different currencies at a specified rate at a specified date or
over a range of specified dates. The result is the creation of a range in which a best and worst price is defined, while minimizing option cost. Forward exchange contracts and purchased currency
options are carried at fair value. These contracts are treated as hedges to the extent they are effective. Changes in fair values related to these contracts are recognized in other comprehensive
income in the Consolidated Balance Sheets until settlement. At the time of settlement, realized gains and losses are recognized in revenue or cost of goods sold on the Consolidated Statements of
Operations. For derivatives that are not designated as a hedge, any gain or loss is immediately recognized in Cost of Goods Sold or Other (Income) Expense on the Consolidated Statements of Operations.
Derivatives used in this manner relate to risks resulting from assets or liabilities denominated in a foreign currency. </FONT></P>

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Commodity derivative contracts  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We have entered into derivative contracts for refined oil products. These contracts are entered into to protect against the risk that eventual cash flows
related to these products will be adversely affected by future changes in prices. All commodity contracts are carried at fair value and are treated as hedges to the extent they are effective. Changes
in their fair values are included in accumulated other comprehensive loss in the Consolidated Balance Sheets until settlement. Realized gains and losses are recognized in cost of goods sold on the
Consolidated Statements of Operations with the same timing as the underlying hedged item. </FONT></P>

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Research and development  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Expenditures relating to the development of new products and processes, including significant improvements to existing products, are expensed as incurred. </FONT></P>


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Income taxes  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We file&nbsp;a consolidated United States ("U.S.") federal income tax return for GTI and its eligible domestic subsidiaries. Our non-U.S. subsidiaries file
income tax returns in their respective local jurisdictions. We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax
consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax benefit carry forwards.
Deferred tax assets and liabilities at the end of each period are determined using enacted tax rates. A valuation allowance is established or maintained, when, based on currently available </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-9</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>information
and other factors, it is more likely than not that all or a portion of a deferred tax asset will not be realized. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Under
the guidance on accounting for uncertainty in income taxes, we recognize the benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on
examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit
that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also provides guidance on derecognition,
classification, interest and penalties on income taxes, and accounting in interim periods. </FONT></P>

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Retirement plans and postretirement benefits  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We use actuarial methods and assumptions to account for our defined benefit pension plans and our postretirement benefits. We immediately recognize the change
in the fair value of plan assets and net actuarial gains and losses annually in the fourth quarter of each year (MTM Adjustment) and whenever a plan is remeasured (e.g.&nbsp;due to a significant
curtailment, settlement, etc.). Pension and postretirement benefits expense includes the MTM adjustment, actuarially computed cost of benefits earned during the current service period, the interest
cost on accrued obligations, the expected return on plan assets based on fair market values, and adjustments due to plan settlements and curtailments. Contributions to the qualified U.S. retirement
plan are made in accordance with the requirements of the Employee Retirement Income Security Act of 1974. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Postretirement
benefits and benefits under the non-qualified retirement plan have been accrued, but not funded. The estimated cost of future postretirement life insurance benefits is determined by the
Company with assistance from independent actuarial firms using the "projected unit credit" actuarial cost method. Such costs are recognized as employees render the service necessary to earn the
postretirement benefits. We record our balance sheet position based on the funded status of the plan. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
exclude the inactive participant portion of our pension and other postretirement benefit costs when calculating inventoriable costs. Additional information with respect to benefits plans is set
forth in Note&nbsp;12, "Retirement Plans and Postretirement Benefits." </FONT></P>


<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Environmental, health and safety matters  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our operations are governed by laws addressing protection of the environment and worker safety and health. These laws provide for civil and criminal penalties
and fines, as well as injunctive and remedial relief, for noncompliance and require remediation at sites where hazardous substances have been released into the environment. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
have been in the past, and may become in the future, the subject of formal or informal enforcement actions or proceedings regarding noncompliance with these laws or the remediation of
company-related substances released into the environment. Historically, such matters have been resolved by negotiation with regulatory authorities resulting in commitments to compliance, abatement or
remediation programs and in some cases payment of penalties. Historically, neither the commitments undertaken nor the penalties imposed on us have been material. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Environmental
considerations are part of all significant capital expenditure decisions. Environmental remediation, compliance and management expenses were approximately $8.0&nbsp;million,
$8.3&nbsp;million and $6.5&nbsp;million in 2017, 2016 and 2015, respectively. A charge to income is recorded when it is probable that a liability has been incurred and the cost can be reasonably
estimated. When payments are fixed or </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-10</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>determinable,
the liability is discounted using a rate at which the payments could be effectively settled. The accrued liability relating to environmental remediation was $2.1&nbsp;million as of
December&nbsp;31, 2017 and $5.2&nbsp;million as of December&nbsp;31, 2016. The decrease in the liability was the result of the sale of a landfill in Canada that occurred in 2017. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our
environmental liabilities do not take into consideration possible recoveries of insurance proceeds. Because of the uncertainties associated with environmental remediation activities at sites where
we may be potentially liable, future expenses to remediate sites could be considerably higher than the accrued liability. </FONT></P>

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Foreign currency translation  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We translate the financial statements of foreign subsidiaries, whose local currency is their functional currency, to U.S. dollars using period-end exchange
rates for assets and liabilities and weighted average exchange rates for each period for revenues, expenses, gains and losses. Differences arising from exchange rate changes are included in
accumulated other comprehensive loss on the Consolidated Balance Sheets until such time as the operations of such non-U.S. subsidiaries are sold or substantially or completely liquidated. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>For
our Mexican, Swiss and Russian subsidiaries, whose functional currency is the U.S. dollar, we remeasure non-monetary balance sheet accounts and the related income statement accounts at historical
exchange rates. Resulting gains and losses arising from the fluctuations in currency for monetary accounts are recognized in other (income) expense, net, in the Consolidated Statements of Operations.
Gains and losses arising from fluctuations in currency exchange rates on transactions denominated in currencies other than the functional currency are recognized in earnings as incurred. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>We
have non-dollar denominated intercompany loans between some of our foreign subsidiaries. These loans are subject to remeasurement gains and losses due to changes in currency exchange rates. Certain
of these loans had been deemed to be essentially permanent prior to settlement and, as a result, remeasurement gains and losses on these loans were recorded as a component of accumulated other
comprehensive income (loss) in the stockholders' equity section of the Consolidated Balance Sheets. The remaining loans are deemed to be temporary and, as a result, remeasurement gains and losses on
these loans are recorded as currency (gains/losses) in other (income) expense, net, on the Consolidated Statements of Operations. </FONT></P>


<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Rationalizations  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We record costs for rationalization actions implemented to reduce excess and high-cost manufacturing capacity and operating and administrative costs. For
ongoing post-employment benefit arrangements, a liability is recognized when it is probable that employees will be entitled to benefits and the amount can be reasonably estimated. These conditions are
generally met when the rationalization plan is approved by management. For one-time benefit arrangements, a liability is incurred and must be accrued at the date the plan is communicated to employees,
unless they will be retained beyond a minimum retention period. In this case, the liability is calculated at the date the plan is communicated to employees and is accrued ratably over the future
service period. Other costs reported under Rationalization include contract termination costs. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
connection with rationalization initiatives, the company incurs additional costs such as inventory losses, fixed assets write-offs, impairment and accelerated depreciation as well as various
non-recurring costs for dismantling, transferring or disposing of equipment and inventory. These rationalization related costs are measured and recorded based on the appropriate accounting guidance.
Inventory losses are recorded in </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-11</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>cost
of sales. Fixed assets write-offs and accelerated depreciation are recorded in cost of sales, R&amp;D and SG&amp;A based upon the asset utilization. Other non-recurring costs are recorded in cost of
sales and SG&amp;A. </FONT></P>

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Goodwill and other intangible assets  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Goodwill is the excess of the acquisition cost of businesses over the fair value of the identifiable net assets acquired. We do not recognize deferred income
taxes for the difference between the assigned value and the tax basis related to nondeductible goodwill. Goodwill is not amortized; however, impairment testing is performed annually or more frequently
if circumstances indicate that impairment may have occurred. We perform the goodwill impairment test annually at December&nbsp;31. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
impairment test for goodwill uses a two-step approach, which is performed at the reporting unit level. Step one compares the fair value of the reporting unit to its carrying value. The fair value
for each reporting unit with goodwill is determined in accordance with accounting guidance on determining fair value, which requires consideration of the income, market, and cost approaches as
applicable. If the carrying value exceeds the fair value, there is potential impairment and step two must be performed. Step two compares the carrying value of the reporting unit's goodwill to its
implied fair value (i.e.,&nbsp;fair value of the reporting unit less the fair value of the unit's assets and liabilities, including identifiable intangible assets). If the implied fair value of
goodwill is less than the carrying amount of goodwill, an impairment is recognized. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Other
amortizable intangible assets, which consist primarily of trademarks and trade names, customer-related intangibles and technological know-how, are amortized over their estimated useful lives
using the straight line or sum-of-the-years digits method. The estimated useful lives for each major category of amortizable intangible assets are: </FONT></P>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Trade name</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>5 - 10</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Technology and know-how</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>5 - 9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Customer related intangible</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>5 - 14 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
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 </DIV>
 <P style="font-family:arial;"><FONT SIZE=2>Additional
information about goodwill and other intangibles is set forth in Note&nbsp;6 "</FONT><FONT SIZE=2><I>Goodwill and Other Intangible Assets</I></FONT><FONT SIZE=2>." </FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Major maintenance and repair costs  </I></B></FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>We perform scheduled major maintenance of the storage and processing units at our Seadrift plant (referred to as "overhaul"). Time periods between overhauls
vary by unit. We also perform an annual scheduled significant maintenance and repair shutdown of the plant (referred to as "turnaround"). </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Costs
of overhauls and turnarounds include plant personnel, contract services, materials, and rental equipment. We defer these costs when incurred and use the straight-line method to amortize them
over the period of time estimated to lapse until the next scheduled overhaul of the applicable storage or processing unit. Under this policy no costs were deferred in 2017 or 2016. Amortization of
deferred maintenance costs totaled $3.3&nbsp;million and $7.0&nbsp;million in 2017 or 2016, respectively. Amortization of deferred maintenance costs totaled $2.1&nbsp;million in the period
August&nbsp;15 through December&nbsp;31, 2015 and $4.3&nbsp;million in the period January&nbsp;1 through August&nbsp;14, 2015. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-12</FONT></P>

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Use of estimates  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires us to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenue
and expenses. Significant estimates and assumptions are used for, but are not limited to inventory valuation, pension and other post-retirement benefits, allowance for doubtful accounts, accruals and
valuation allowances, asset impairment, and environmental-related accruals. Actual results could differ from our estimates. </FONT></P>

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Discontinued operations and assets held for sale  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>When Management commits to a plan to sell assets or asset groups and a sale is probable, we reclassify those assets or asset groups into "Assets Held for
Sale". Upon reclassification to assets held for sale, we evaluate the book value of the disposal groups against their fair value less costs to sell and as a result may impair the assets / asset
groups. As and if new information becomes available on the fair value of the assets/asset groups, we may adjust accordingly the impairment. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>Once
the assets of a business have been classified as held for sale, we evaluate if the divestiture represents a strategic shift in operations and if so, we exclude the results of this business from
continuing operations. All results are reported as gain or loss from discontinued operations, net of tax. During the second quarter of 2016, our Engineered Solutions business qualified as discontinued
operations and as such, all its results have been excluded from continuing operations. See Note&nbsp;3 "Discontinued Operations and Related Assets Held for Sale". </FONT></P>

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Earnings per share  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The calculation of basic earnings per share is based on the number of common shares outstanding after giving effect to the stock split effected on
April&nbsp;12, 2018 (see Note&nbsp;16 "Subsequent Events"). Diluted earnings per share recognizes the dilution that would occur if stock options or preferred shares were exercised or converted
into common shares. We had no dilutive items as of the date of this offering. </FONT></P>

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Subsequent events  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We evaluate events that occur after the balance sheet date but before financial statements are issued to determine if a material event requires our amending
the financial statements or disclosing the event. See Note&nbsp;16 "Subsequent Events" for further details. </FONT></P>


<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Predecessor and successor reporting  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>On August&nbsp;17, 2015, the Company was acquired by affiliates of Brookfield Asset Management&nbsp;Inc. (see Note&nbsp;2 "Preferred Share Issuance and
Merger"). We elected to account for the acquisition under the acquisition method of accounting. Under the acquisition method of accounting, the assets and liabilities of GTI were adjusted to their
fair market value as of August&nbsp;15, 2015, the day on which Brookfield effectively took control of the Company. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our
consolidated statements of operations subsequent to the Merger include amortization expense relating to the fair value adjustment of intangibles and depreciation expense based on the fair value of
the Company's property, plant and equipment that had previously been carried at historical cost less accumulated depreciation. Therefore, the Company's financial information prior to the Merger is not
comparable to the financial information subsequent to the Merger. As a result, the financial statements and certain note presentations are separated into two distinct periods, the period before the
consummation of the Merger (labeled "Predecessor") and the period after the date of merger (labeled </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-13</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>"Successor"),
to indicate the application of the different basis of accounting between the periods presented. </FONT></P>

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Unaudited pro forma balance sheet presentation  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>On February&nbsp;12, 2018 the Company paid a dividend of $1,112.0&nbsp;million ("2018 Dividend") to Brookfield following the closing of a refinancing
transaction. See Note&nbsp;16 "Subsequent Events" for further details and additional required disclosure resulting from this transaction. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>Prior
to the consummation of the Company's initial public offering ("IPO"), the Company expects to declare a $160.0&nbsp;million ("2018 Conditional Dividend") dividend to Brookfield. Payment of this
dividend will be conditioned upon (i)&nbsp;the Senior Secured First Lien Net Leverage Ratio (as&nbsp;defined in the 2018 Credit Agreement (as&nbsp;defined below)), as calculated based on the
Company's final financial results for the first quarter of 2018, being equal to or less than 1.75 to 1.00, (ii)&nbsp;no Default or Event of Default (as&nbsp;defined in the 2018 Credit Agreement)
having occurred and continuing or that would result from the payment of the dividend and (iii)&nbsp;the payment occurring within 60&nbsp;days from the dividend record&nbsp;date. Assuming these
conditions are met, the Company expects to pay the 2018 Conditional Dividend on or around May&nbsp;9, 2018 out of cash expected to be generated between December&nbsp;31, 2017 and the consummation
of the&nbsp;IPO. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Prior
to the consummation of the IPO, the Company expects to declare a dividend in the form of a $750.0&nbsp;million promissory note to Brookfield ("Brookfield Promissory Note"). The issuance of the
Brookfield Promissory Note as a dividend will be conditioned upon (i)&nbsp;the Senior Secured First Lien Net Leverage Ratio (as&nbsp;defined in the 2018 Credit Agreement), as calculated based on
our final financial results for the first quarter of 2018, being equal to or less than 1.75 to 1.00, (ii)&nbsp;no Default or Event of Default (each as defined in the 2018 Credit Agreement) having
occurred and continuing or that would result from the issuance of the Brookfield Promissory Note and (iii)&nbsp;the issuance occurring within 60&nbsp;days from the dividend record date. Assuming
these conditions are met, the Company expects to issue the Brookfield Promissory Note as a dividend on or around May&nbsp;9, 2018. The Brookfield Promissory Note will mature eight years from the
date of issuance and will bear interest at a rate equal to the Adjusted LIBO Rate (as&nbsp;defined in the Brookfield Promissory Note) plus an applicable margin equal to 4.50% per annum, with an
additional 2.00% per annum starting from the third anniversary from the date of issuance. The Company will be permitted to make voluntary prepayments at any time without premium or penalty. All
obligations under the Brookfield Promissory Note will be unsecured and guaranteed by all of the Company's existing and future domestic wholly owned subsidiaries that guarantee, or are borrowers under,
the Senior Secured Credit Facilities (as&nbsp;defined below). No funds will be lent or otherwise contributed to the Company by Brookfield in connection with the Brookfield Promissory Note. As a
result, the Company will receive no consideration in connection with its&nbsp;issuance. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
pro&nbsp;forma balance sheet gives effect to the payment of the 2018 Dividend and the 2018 Conditional Dividend and the issuance of the Brookfield Promissory Note as if they had occurred as of
December&nbsp;31, 2017. This pro&nbsp;forma adjustment has been reflected as a cash dividend payable (for&nbsp;the 2018 Dividend and the 2018 Conditional Dividend), a promissory note dividend
payable (for&nbsp;the Brookfield Promissory Note) and an increase to our accumulated deficit. </FONT></P>

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Recent accounting standards  </I></B></FONT></P>

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Recently adopted accounting standards  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In August 2017, the FASB issued ASU No.&nbsp;2017-12, </FONT><FONT SIZE=2><I>Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for
Hedging Activities</I></FONT><FONT SIZE=2>. The new standard simplifies hedge accounting through changes to both designation and measurement requirements. For hedges that qualify as highly effective, </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-14</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>the
new standard eliminates the requirement to separately measure and record hedge ineffectiveness resulting in better alignment between the presentation of the effects of the hedging instrument and
the hedged item in the financial statements. We elected to early adopt ASU No.&nbsp;2017-12 for the year ended December&nbsp;31, 2017. The adoption of this standard required retrospective
adoption, but did not impact prior-period financial results. </FONT></P>

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Accounting standards not yet adopted  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In May 2014, the FASB issued ASU No.&nbsp;2014-09, </FONT><FONT SIZE=2><I>Revenue from Contracts with Customers</I></FONT><FONT SIZE=2> (Topic 606). This
ASU supersedes the revenue recognition requirements in Accounting Standards Codification 605&#151;Revenue Recognition and most industry-specific guidance throughout the Codification. This ASU
requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in
exchange for those goods or services. This ASU was expected to be effective for fiscal years beginning after December&nbsp;15, 2016, and for interim periods within those fiscal years. On
July&nbsp;9, 2015, the FASB deferred the effective date to fiscal years beginning after December&nbsp;15, 2017. During the fourth quarter of 2017, we substantially completed our evaluation of the
new standard and the related assessment and review of a representative sample of existing revenue contracts with our customers, including our new three-to-five year take-or-pay agreements. We
determined that this standard will not have a material impact on our consolidated financial statements. We are adopting this standard effective as of January&nbsp;1, 2018 using the modified
retrospective method. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
February 2016, the FASB issued ASU No.&nbsp;2016-02, Leases (Topic 842). Under this new guidance, a company will now recognize most leases on its balance sheet as lease liabilities with
corresponding right-of-use assets. This ASU is effective for fiscal years beginning after December&nbsp;15, 2018. The Company has compiled its lease inventory and is currently evaluating the
contracts and the impact of the adoption of this standard on its financial position, results of operations or cash flows. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
August 2016 the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Payments" (ASU 2016-15), clarifying guidance on the classification of
certain cash receipts and payments in the statement of cash flows. The adoption of ASU 2016-15 on January&nbsp;1, 2018 is not expected to have a material impact on our consolidated financial
statements. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
January 2017, the FASB issued ASU No.&nbsp;2017-04 Intangibles&#151;Goodwill and Other (Topic 350). This guidance was issued to simplify the accounting for goodwill impairment. The
guidance removes the second step of the goodwill impairment test, which requires that a hypothetical purchase price allocation be performed to determine the amount of impairment, if any. Under this
new guidance, a goodwill impairment charge will be based on the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The guidance
will become effective on a prospective basis for the Company on January&nbsp;1, 2020 with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after
January&nbsp;1, 2017. The Company is currently evaluating the impact of the adoption of this standard on its results of operations. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
March 2017, the FASB issued ASU No.&nbsp;2017-07, Compensation&#151;Retirement Benefits (Topic 715). This standard requires an entity to report the service cost component in the same line
item as other compensation costs. The other components of net (benefit) cost including our annual mark-to-market re-measurement, will be presented in the income statement separately from the service
cost component and outside a subtotal of income from operations. The adoption of ASU No.&nbsp;2017-07 on January&nbsp;1, 2018 will change the presentation of, but is not expected to have a
material impact on our consolidated financial </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-15</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2>statements
.. The components of the net (benefit) cost are shown in Note&nbsp;12, "Retirement Plans and Postretirement Benefits." </FONT></P>

<P style="font-family:arial;"><FONT SIZE=3><B>(2)&nbsp;&nbsp;&nbsp;Preferred share issuance and merger  </B></FONT></P>

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Preferred stock  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>On August&nbsp;11, 2015, the Company issued and sold to BCP IV GrafTech Holdings&nbsp;LP, an affiliate of Brookfield (i)&nbsp;136,616 shares of a new
Series&nbsp;A Convertible Preferred Stock, par value $0.01 per share (the "Series&nbsp;A Preferred Stock"), convertible into 19.9% of the shares of Common Stock of the Company outstanding
immediately prior to such issuance and (ii)&nbsp;13,384 shares of a new Series&nbsp;B Convertible Preferred Stock, par value $0.01 per share (the "Series&nbsp;B Preferred Stock," and, together
with the Series&nbsp;A Preferred Stock, the "Preferred Stock"), convertible into 2% of the shares of Common Stock of the Company outstanding immediately prior to such issuance for an aggregate
purchase price of $150,000,000 in cash (the "Purchase Price"), under the Investment Agreement dated May&nbsp;4, 2015 (the "Investment Agreement") between the Company and Brookfield. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
closing of such issuance and sale occurred after the satisfaction of the closing conditions set forth in the Investment Agreement. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Pursuant
to the Investment Agreement, the Company reimbursed Brookfield for $500,000 in out-of-pocket fees and expenses (including fees and expenses of legal counsel) incurred by Brookfield in
connection with the transaction. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
proceeds from the issuance and sale were used by the Company, along with funds available under the Company's $40&nbsp;million delayed draw term loan facility, revolving facility and cash on
hand, to prepay the Company's $200&nbsp;million Senior Subordinated Notes due November&nbsp;30, 2015. </FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Merger agreement  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>On May&nbsp;18, 2015, the Company entered into an Agreement and Plan of Merger (the "Merger Agreement"), dated May&nbsp;17, 2015, with Brookfield (called
"Parent" therein) and Athena Acquisition Subsidiary&nbsp;Inc. a wholly owned subsidiary of Parent ("Acquisition Sub"). Pursuant to the Merger Agreement, on May&nbsp;26, 2015, Parent commenced a
cash tender offer to purchase any and all of the outstanding shares
of Common Stock, par value $0.01 per share (the "Shares"), of the Company, at a purchase price of $5.05 per Share in cash (the "Offer Price"), on the terms and subject to the conditions set forth in
the Offer to Purchase, dated May&nbsp;26, 2015 (together with any amendments and supplements thereto, the "Offer to Purchase") and in the related Letter of Transmittal (the "Letter of Transmittal"
and, together with the Offer to Purchase, the "Offer"). </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>On
August&nbsp;14, 2015, Acquisition Sub accepted for payment all Shares validly tendered in the Offer and not withdrawn prior to the expiration of the Offer, and payment of the Offer Price for such
Shares was made promptly. On August&nbsp;17, 2015, Acquisition Sub merged with and into the Company, with the Company surviving as a wholly owned subsidiary of Parent (the "Merger"). </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>Pursuant
to the Merger Agreement, upon consummation of the Merger, each Share that was not tendered and accepted pursuant to the Offer (other than canceled Shares, dissenting Shares and Shares held by
the Company's subsidiaries or Parent's subsidiaries (other than Acquisition Sub)) was canceled and converted into cash consideration in an amount equal to the Offer Price. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-16</FONT></P>

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Business combination  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The computation of the fair value of the total consideration at the date of acquisition follows: </FONT></P>

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Purchase consideration<BR>  </B></FONT><FONT SIZE=3>(In thousands except share price) </FONT></P>
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 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B># Shares</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>Unit price</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>Amount </B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
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</B></FONT></TD>
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 <font></FONT></TD>
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</B></FONT></TD>
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 <font></FONT></TD>
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 </B></FONT></TD>
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 <font></FONT></TD>
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 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
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<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



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 Convertible Preferred Equity</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Series&nbsp;A and B</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>150</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>1,000.00</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>150,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 Common Equity</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Common Shares</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>139,397</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>5.05</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>703,955</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Net value of options</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>382 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><B>
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$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><B>854,337</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:arial;"><FONT SIZE=2><I> Recording of assets acquired and liabilities assumed:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The acquisition was accounted for using the acquisition method of accounting. Under the acquisition method,
the identifiable assets acquired and the liabilities assumed are assigned a new basis of accounting reflecting their estimated fair values. The information included herein has been prepared based on
the allocation of purchase price using estimates of the fair values and useful lives of assets acquired and liabilities assumed based on the best available information determined with the assistance
of independent valuations, quoted market prices and management estimates. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
following table summarizes the fair values of the identifiable assets acquired and liabilities assumed at the acquisition date: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="55pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->

</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>Net identifiable assets acquired</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>25,032</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Accounts receivable</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>94,298</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Inventories</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>344,765</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Property, plant and equipment</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>650,405</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Intangible assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>155,700</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Deferred tax assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>41,606</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Prepaid and other current assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>49,716</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Other non-current assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>8,428</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounts payable</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(68,005</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Short-term debt</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(18,779</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other accrued liabilities</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(53,252</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Long-term debt</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(367,811</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other long-term liabilities</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(101,648</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Deferred tax liabilities</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(79,235</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Net identifiable assets acquired</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>681,220 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>Goodwill</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>173,117 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net assets acquired</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>854,337 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-17</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=204,EFW="2235378",CP="GRAFTECH INTERNATIONAL LTD.",DN="1",CHK=969075,FOLIO='F-17',FILE='DISK103:[17ZDN4.17ZDN71304]FO71304A.;28',USER='RRICKEN',CD='19-APR-2018;09:32' -->
<A NAME="page_fo71304_1_18"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> Goodwill:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Goodwill of approximately $173.1&nbsp;million was recognized for the acquisition and is calculated as the excess of the consideration transferred over
the net assets acquired and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. This amount reflects an
increase of $1.1&nbsp;million recorded in March 2016. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=3><B>(3)&nbsp;&nbsp;&nbsp;Discontinued operations and related assets held for sale  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>On February&nbsp;26, 2016, the Company announced that it had initiated a strategic review of its Engineered Solutions business segment to better direct its
resources and simplify its operations. Any potential sale of assets was prohibited by its revolving facility without approval of the requisite lenders thereunder. On April&nbsp;27, 2016, GrafTech
and certain of its subsidiaries entered into an amendment to the revolving facility (see Note&nbsp;6 "Debt and Liquidity") which, among other things, permits the sale of assets with the restriction
that the proceeds be utilized to pay down revolver borrowings. As of June&nbsp;30, 2016, the Engineered Solutions segment qualified for reporting as discontinued operations as its divestiture
represented a strategic shift for the Company. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>During
2016, we evaluated the fair value of the Engineered Solutions business segment utilizing the market approach (Level&nbsp;3 measure). As a result, we incurred an impairment charge to our
Engineered Solutions business segment of $120&nbsp;million to align the carrying value with estimated fair value. We continued to update this estimate and during 2017, we further reduced the
estimated fair value by $5.3&nbsp;million based upon current information at that time. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>On
November&nbsp;30, 2016, we completed the sale of our Fiber Materials&nbsp;Inc. business, which was a business line within our former Engineered Solutions business. The sale resulted in cash
proceeds of $15.9&nbsp;million
and a loss of $0.2&nbsp;million. We have the ability to realize up to $8.5&nbsp;million of additional proceeds based on the earnings of the Fiber Materials business over the 24&nbsp;months
following the transaction. We have elected to record this contingent consideration as it is realized and accordingly, it has not been recognized to date. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>On
July&nbsp;3, 2017, we completed the sale of our Advanced Energy Technologies (AET) business. AET was a product line within our Engineered Solutions business that had been classified as held for
sale since the second quarter of 2016. The sale resulted in cash proceeds of $28.5&nbsp;million. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>On
September&nbsp;30, 2017, we completed the sale of the majority of the U.S. assets of our GrafTech Advanced Graphite Materials (GAGM) business, which was a component of our Engineered Solutions
business. The sale of the Italian GAGM assets closed on October&nbsp;5, 2017. In the jurisdictions where the GAGM assets were not acquired, we initiated the wind-down of the business. The sale was
structured as a non-cash transaction with the buyer assuming certain liabilities associated with the assets acquired. In addition, GrafTech retained certain current assets of GAGM, mostly receivables,
which have been substantially realized in the fourth quarter of 2017. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>As
a result of the sales described above, we recorded a gain of $6.1&nbsp;million in 2017. The disposition of the Engineered Solutions business is now substantially complete. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
accordance with our Credit Facility, all cash proceeds from these sales were used to pay down our revolving facility and term loan. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-18</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=205,EFW="2235378",CP="GRAFTECH INTERNATIONAL LTD.",DN="1",CHK=411517,FOLIO='F-18',FILE='DISK103:[17ZDN4.17ZDN71304]FO71304A.;28',USER='RRICKEN',CD='19-APR-2018;09:32' -->
<A NAME="page_fo71304_1_19"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
following tables summarize the results of the Engineered Solutions business segment, reclassified as discontinued operations: </FONT></P>
 <div style="display:none;*display:block;margin-top:-4pt;"></div>

 <DIV style="padding:0pt;position:relative;width:67%;margin-left:10%;">
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<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="120%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR style="line-height:0pt;"><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="100.00%" style="font-family:arial;"><div style="width:100.00%;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="49.28pt" style="font-family:arial;"><div style="width:49.28pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="50.84pt" style="font-family:arial;"><div style="width:50.84pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="50.84pt" style="font-family:arial;"><div style="width:50.84pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="50.84pt" style="font-family:arial;"><div style="width:50.84pt;"></div></TD>
<TD WIDTH="12pt" style="font-family:arial;"><div style="width:12pt;"></div></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the year<BR>
ended<BR>
December&nbsp;31,<BR>
2017</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the year<BR>
ended<BR>
December&nbsp;31,<BR>
2016</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the period<BR>
August&nbsp;15<BR>
through<BR>
December&nbsp;31,<BR>
2015</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the period<BR>
January&nbsp;1<BR>
through<BR>
August&nbsp;14,<BR>
2015 </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2><B> </B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD COLSPAN=11 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>  (Dollars in thousands)</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Net sales</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>82,299</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>115,336</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>55,608</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>98,024</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cost of sales</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>74,723</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>98,440</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>49,068</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>94,817 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Gross profit</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>7,576</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>16,896</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>6,540</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>3,207</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Research and development</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>1,429</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>3,145</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>1,265</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2,179</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Selling and administrative expenses</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>12,239</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>19,220</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>8,627</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>16,764</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gain on sale of assets</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(6,091</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Rationalizations</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(35</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(405</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>791</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>4,492</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Impairment</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>5,300</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>119,907</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151; </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(5,266</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(124,971</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(4,143</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(20,228</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other expense (income)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(115</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(66</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(135</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(90</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Interest expense</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>1,133</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>3,258</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>918</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>907 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss from discontinued operations before income taxes</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(6,284</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(128,163</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(4,926</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(21,045</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Benefit for income taxes on discontinued operations</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(55</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(1,189</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(2,366</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss from discontinued operations</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(6,229</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(126,974</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(4,926</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(18,679</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:arial;"><FONT SIZE=2>The
significant components of our Statements of Cash Flows for discontinued operations are as follows: </FONT></P>
 <div style="display:none;*display:block;margin-top:-4pt;"></div>

 <DIV style="padding:0pt;position:relative;width:67%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"120%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="120%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR style="line-height:0pt;"><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="100.00%" style="font-family:arial;"><div style="width:100.00%;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="49.28pt" style="font-family:arial;"><div style="width:49.28pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="50.84pt" style="font-family:arial;"><div style="width:50.84pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="50.84pt" style="font-family:arial;"><div style="width:50.84pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="50.84pt" style="font-family:arial;"><div style="width:50.84pt;"></div></TD>
<TD WIDTH="12pt" style="font-family:arial;"><div style="width:12pt;"></div></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=8 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>Successor </B></FONT></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>Predecessor </B></FONT></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the year<BR>
ended<BR>
December&nbsp;31,<BR>
2017</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the year<BR>
ended<BR>
December&nbsp;31,<BR>
2016</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the period<BR>
August&nbsp;15<BR>
through<BR>
December&nbsp;31,<BR>
2015</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the period<BR>
January&nbsp;1<BR>
through<BR>
August&nbsp;14,<BR>
2015</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2><B> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD COLSPAN=11 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><B>  (Dollars in thousands)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Depreciation and amortization</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>2,418</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>5,277</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>4,194</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>7,988</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Impairment</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>5,300</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>119,907</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 (Gain) loss on sale of assets</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(6,091</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>198</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net change in inventory</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>15,217</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(917</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>3,514</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(2,481</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Cash received from divestitures</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>27,254</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>15,889</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Credit facility reductions</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(27,254</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(15,889</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Deferred income taxes</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(55</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(1,189</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(2,366</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Capital expenditures</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>558</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>4,713</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>4,447</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>10,104 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-19</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=206,EFW="2235378",CP="GRAFTECH INTERNATIONAL LTD.",DN="1",CHK=404952,FOLIO='F-19',FILE='DISK103:[17ZDN4.17ZDN71304]FO71304A.;28',USER='RRICKEN',CD='19-APR-2018;09:32' -->
<A NAME="page_fo71304_1_20"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
following table summarizes the carrying value of the assets and liabilities of discontinued operations as of December&nbsp;31, 2017 and 2016. </FONT></P>
 <div style="display:none;*display:block;margin-top:-4pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR style="line-height:0pt;"><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="100.00%" style="font-family:arial;"><div style="width:100.00%;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="49.28pt" style="font-family:arial;"><div style="width:49.28pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="49.28pt" style="font-family:arial;"><div style="width:49.28pt;"></div></TD>
<TD WIDTH="12pt" style="font-family:arial;"><div style="width:12pt;"></div></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>As of<BR>
December&nbsp;31,<BR>
2017</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>As of<BR>
December&nbsp;31,<BR>
2016 </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2><B> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD COLSPAN=5 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><B>  (Dollars in thousands)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Assets of discontinued operations:</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounts receivable</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>3,351</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>17,094</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Inventories</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>502</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>71,816</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Prepaid expenses and other current assets</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>1,137</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>320</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Net property, plant and equipment</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>226</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>79,048</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other assets</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>97</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>12,608 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Total assets of discontinued operations</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>5,313</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>180,886 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Impairment of assets held for sale</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(119,907</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:40pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Total assets of discontinued operations</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>5,313</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>60,979 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Liabilities of discontinued operations:</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Accounts payable</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>512</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>7,253</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accrued income and other taxes</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>158</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2,326</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Other accrued liabilities</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2,742</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>10,463 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total current liabilities of discontinued operations</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>3,412</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>20,042 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Other long-term obligations</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>376</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>850</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:40pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total liabilities of discontinued operations</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>3,788</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>20,892 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
 <P style="font-family:arial;"><FONT SIZE=3><B>(4)&nbsp;&nbsp;&nbsp;Rationalizations  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Throughout 2013, 2014 and 2015 the Company undertook rationalization plans in order to streamline its organization and lower its production costs. On
October&nbsp;31, 2013, we announced a global initiative to reduce our Industrial Materials segment's cost base and improve our competitive position. As part of this initiative, we ceased production
at our two highest cost graphite electrode plants, located in Brazil and South Africa, as well as a machine shop in Russia. On July&nbsp;29, 2014, we announced additional rationalization initiatives
to increase profitability, reduce cost and improve global competitiveness in our former Engineered Solutions segment, which impacted our Corporate, R&amp;D and other. During the third quarter of 2014, we
announced the conclusion of another phase of our on-going company-wide cost savings assessment. This resulted in changes to the Company's operating and management structure in order to streamline,
simplify and decentralize the organization. These actions were designed to reduce costs by a combination of reduced contractor costs, attrition, early retirements and layoffs. Additionally, the
Company downsized its corporate functions by approximately 25&nbsp;percent and relocated to a smaller, more cost effective corporate headquarters. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>These
initiatives were substantially complete as of December&nbsp;31, 2016. We had no rationalization liability as of December&nbsp;31, 2017 and a liability of $0.1&nbsp;million as of
December&nbsp;31, 2016. We incurred $0.7&nbsp;million rationalization and related charges during 2017 primarily related to the decision to discontinue a research and development project. We
incurred rationalization and related charges of $2.4&nbsp;million in 2016, charges of $0.4&nbsp;million in the period August&nbsp;15 through December&nbsp;31, 2015 and $4.4&nbsp;million in
the period January&nbsp;1 through August&nbsp;14, 2015. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-20</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=207,EFW="2235378",CP="GRAFTECH INTERNATIONAL LTD.",DN="1",CHK=254340,FOLIO='F-20',FILE='DISK103:[17ZDN4.17ZDN71304]FO71304A.;28',USER='RRICKEN',CD='19-APR-2018;09:32' -->
<A NAME="page_fo71304_1_21"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=3><B>(5)&nbsp;&nbsp;&nbsp;Segment reporting  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We previously operated two reportable business segments, Industrial Materials and Engineered Solutions. During the second quarter of 2016 the Company decided to
sell the businesses that comprised our Engineered Solutions segment to focus on our Industrial Materials segment. Accordingly, the Engineered Solutions business qualified as held for sale status and
the related results have been excluded from continuing operations. See Note&nbsp;3 "Discontinued Operations and Assets Held for Sale" for significant components of the results of our Engineered
Solutions segment. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our
Industrial Materials segment manufactures high quality graphite electrodes essential to the production of electric arc furnace steel and other ferrous and non-ferrous metals. Petroleum needle
coke, a crystalline form of carbon derived from decant oil, is the primary raw material used in the production of graphite electrodes. We utilize substantially all the needle coke that we produce
internally to manufacture our graphite electrodes and as a result more than 90% of our revenues from external customers are derived from the sale of graphite electrodes and graphite electrode
by-products from our manufacturing processes. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Assets
are managed based on geographic location because certain continuing and discontinued operations share certain facilities. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
following tables summarize information as to our continuing operations in different geographic areas. </FONT></P>
 <div style="display:none;*display:block;margin-top:-4pt;"></div>

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<TR style="line-height:0pt;"><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="100.00%" style="font-family:arial;"><div style="width:100.00%;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="33.42pt" style="font-family:arial;"><div style="width:33.42pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="33.36pt" style="font-family:arial;"><div style="width:33.36pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="34.00pt" style="font-family:arial;"><div style="width:34.00pt;"></div></TD>
<TD WIDTH="12pt" style="font-family:arial;"><div style="width:12pt;"></div></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2017</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2016</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2015 </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2><B> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD COLSPAN=8 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><B>  (Dollars in thousands)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Net sales:*</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>U.S.&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>103,890</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>74,526</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>107,517</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Americas</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>129,103</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>116,944</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>132,917</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Asia Pacific</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>46,329</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>41,302</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>37,509</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Europe, Middle East, Africa</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>271,449</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>205,191</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>255,097 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>550,771</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>437,963</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>533,040 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
sales were not impacted by purchase price accounting adjustments. </FONT></P>
 </DIV>

 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="50pt" style="font-family:arial;"></TD>
<TD WIDTH="18pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="53pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>At December&nbsp;31, </B></FONT></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>2017</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>2016</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2><B> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=4 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><B> (Dollars in thousands)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Long-lived assets(a):</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>U.S. and Canada</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>177,298</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>191,502</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Mexico</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>147,959</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>151,288</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Brazil</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>3,547</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>6,100</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 France</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>80,035</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>69,558</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Spain</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>103,819</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>87,614</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 South Africa</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>20</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>2,547</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other countries</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>163</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>246 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>512,841</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>508,855 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <P style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">(a)&nbsp;&nbsp;&nbsp;&nbsp;Long-lived
assets represent fixed assets, net of accumulated depreciation. </FONT></P>
 </DIV>
 <P style="font-family:arial;"><FONT SIZE=3><B>(6)&nbsp;&nbsp;&nbsp;Goodwill and other intangible assets  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We are required to review goodwill and indefinite-lived intangible assets annually for impairment. Goodwill impairment is tested at the reporting unit level on
an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. For the years
ended December&nbsp;31, 2017 and 2016, an assessment for potential impairment was performed and an impairment adjustment was not required. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-21</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<P style="font-family:arial;"><FONT SIZE=2><A
NAME="page_fq71304_1_22"> </A>

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</FONT> <FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We received notice, in March 2015, that the market prices for needle coke were decreasing 18%, effective for the second quarter of 2015. This decline compressed our margins for
needle coke products versus our annual plan assumptions. We determined that this change, which was driven by overcapacity in the market, indicated that the needle coke industry was facing a deeper and
longer trough than previously expected. As such, we considered the additional price change as a triggering event for our Needle coke reporting unit and tested its goodwill for impairment as of
March&nbsp;31, 2015. In the first step of the analysis, we compared the estimated fair value of the reporting unit to its carrying value, including goodwill. The fair value of the reporting unit was
determined based on an income approach, using a discounted cash-flow ("DCF") model from a market participant's perspective. The estimated future cash-flows were updated versus the year-end analysis to
reflect the expectation of a longer trough. A discount rate of 10.5% was applied to the forecasted cash-flows and is based on a weighted average cost of capital ("WACC"). Company specific beta and mix
of debt to equity are inputs into the determination of the WACC, which is then qualitatively assessed from the standpoint of potential market participants. Based on the step one analysis described
earlier, the fair value of the needle coke reporting unit was below its carrying value, resulting in a step two analysis and consequently the full impairment of the needle coke goodwill, resulting in
a charge of $35.4&nbsp;million. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>As
a result of our acquisition by Brookfield, our goodwill and intangibles were revalued as of August&nbsp;15, 2015. See Note&nbsp;2 "Preferred Share Issuance and Merger" for description of the
Merger and the results of purchase price accounting. The following table represents the changes in the carrying value of goodwill and intangibles from December&nbsp;31, 2015 through
December&nbsp;31, 2017: </FONT></P>
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<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="80.40pt" style="font-family:arial;"><div style="width:80.40pt;"></div></TD>
<TD WIDTH="12pt" style="font-family:arial;"><div style="width:12pt;"></div></TD>
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<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
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 <font></FONT></TD>
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</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Total </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


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 </b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
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<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2><B> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2><B>  (Dollars&nbsp;in&nbsp;thousands)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 Balance as of December&nbsp;31, 2015</FONT></TD>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>172,059</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjustments (See Note&nbsp;2)</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>1,058</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 Goodwill transferred to discontinued operations</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(2,000</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Balance as of December&nbsp;31, 2016</FONT></TD>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>171,117</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 Adjustments</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151; </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Balance as of December&nbsp;31, 2017</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>171,117 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


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<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


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 <font></FONT></TD>
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<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
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 <P style="font-family:arial;"><FONT SIZE=2>The
following table summarizes acquired intangible assets with determinable useful lives by major category which are included in "Other Assets" on our consolidated balance sheets: </FONT></P>
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<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="33.02pt" style="font-family:arial;"><div style="width:33.02pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="50.80pt" style="font-family:arial;"><div style="width:50.80pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
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<TD WIDTH="44.54pt" style="font-family:arial;"><div style="width:44.54pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="31.60pt" style="font-family:arial;"><div style="width:31.60pt;"></div></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=8 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>As of December&nbsp;31, 2017</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=8 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>As of December&nbsp;31, 2016 </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
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<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B>


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<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Gross<BR>
carrying<BR>
amount</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Accumulated<BR>
amortization</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Net<BR>
carrying<BR>
amount</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Gross<BR>
carrying<BR>
amount</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Accumulated<BR>
amortization</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Net<BR>
carrying<BR>
amount </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2><B> </B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD COLSPAN=17 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>  (Dollars in thousands)</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Trade name</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>22,500</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(5,512</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>16,988</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>22,500</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(3,235</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>19,265</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Technology and know-how</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>55,300</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(17,265</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>38,035</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>55,300</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(10,397</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>44,903</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Customer related intangible</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>64,500</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(10,637</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>53,863</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>64,500</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(6,177</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>58,323 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total finite-lived intangible assets</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>142,300</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(33,414</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>108,886</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>142,300</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(19,809</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>122,491 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:arial;"><FONT SIZE=2>Amortization
expense of intangible assets was $13.6&nbsp;million and $14.3&nbsp;million in 2017 and 2016, respectively. Amortization expense of intangible assets was $5.5&nbsp;million in the
period August&nbsp;15 through </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-22</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=209,EFW="2235378",CP="GRAFTECH INTERNATIONAL LTD.",DN="1",CHK=454522,FOLIO='F-22',FILE='DISK103:[17ZDN4.17ZDN71304]FQ71304A.;28',USER='RRICKEN',CD='19-APR-2018;09:32' -->
<A NAME="page_fq71304_1_23"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>December&nbsp;31,
2015 and $10.5&nbsp;million in the period January&nbsp;1 through August&nbsp;14, 2015. Estimated annual amortization expense for the next five years will approximate
$12.9&nbsp;million in 2018, $12.2&nbsp;million in 2019, $11.4&nbsp;million in 2020, $10.7&nbsp;million in 2021 and $10.1&nbsp;million in 2022. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=3><B>(7)&nbsp;&nbsp;&nbsp;Debt and liquidity  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The following table presents our long-term debt: </FONT></P>
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<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="49.28pt" style="font-family:arial;"><div style="width:49.28pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="49.28pt" style="font-family:arial;"><div style="width:49.28pt;"></div></TD>
<TD WIDTH="12pt" style="font-family:arial;"><div style="width:12pt;"></div></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


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 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>



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</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>As of<BR>
December&nbsp;31,<BR>
2017</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>As of<BR>
December&nbsp;31,<BR>
2016 </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


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 </B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2><B> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD COLSPAN=5 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><B>  (Dollars in thousands)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Credit Facility (revolving facility and term loan facility)</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>58,192</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>90,731</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Senior Notes</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>280,586</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>274,132</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 Other Debt</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>596</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>569 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total Debt</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>339,374</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>365,432</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 Less: Short-term Debt</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(16,474</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(8,852</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Long-term Debt</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>322,900</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>356,580 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
 <P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Old revolving credit facility and term loan facility  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>On April&nbsp;23, 2014, the Company and certain of its subsidiaries entered into an amended and restated credit agreement governing a revolving facility
with a borrowing capacity of $400&nbsp;million and a maturity date of April 2019. On February&nbsp;27, 2015, GrafTech and certain of its subsidiaries entered into a further amended and restated
credit agreement that provided for, among other things, greater financial flexibility and a $40&nbsp;million senior secured delayed draw term loan facility. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>On
July&nbsp;28, 2015, GrafTech and certain of its subsidiaries entered into an amendment to the mended and restated credit agreement to change the terms regarding the occurrence of a default upon a
change in control (which is defined thereunder to include the acquisition by any person of more than 25% of GrafTech's outstanding shares) to exclude the acquisition of shares by Brookfield (see
Note&nbsp;2). In addition, effective upon such acquisition, the financial covenants were eased, resulting in increased availability under the revolving facility. The size of the revolving facility
was also reduced from $400&nbsp;million to $375&nbsp;million. The size of the term loan facility remained at $40&nbsp;million. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>On
April&nbsp;27, 2016, GrafTech and certain of its subsidiaries entered into an amendment to the revolving facility. The size of the revolving facility was permanently reduced from
$375&nbsp;million to $225&nbsp;million. New covenants were also added to the revolving facility, including a requirement to make mandatory repayments of outstanding amounts under the revolving
facility and the term loan facility with the proceeds of any sale of all or any substantial part of the assets included in the Engineered Solutions segment and a requirement to maintain minimum
liquidity (consisting of domestic cash, cash equivalents and availability under the revolving facility) in excess of $25&nbsp;million. The covenants were also modified to provide for: the
elimination of certain exceptions to the Company's negative covenants limiting the Company's ability to make certain investments, sell assets, make restricted payments, incur liens and incur debt; a
restriction on the amount of cash and cash equivalents permitted to be held on the balance sheet at any one time without paying down the revolving facility and the term loan facility; and changes to
the Company's financial covenants so that until the earlier of March&nbsp;31, 2019 or the Company has $75&nbsp;million in trailing twelve month EBITDA (as defined in the revolving facility), the
Company is required to maintain </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-23</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=210,EFW="2235378",CP="GRAFTECH INTERNATIONAL LTD.",DN="1",CHK=937300,FOLIO='F-23',FILE='DISK103:[17ZDN4.17ZDN71304]FQ71304A.;28',USER='RRICKEN',CD='19-APR-2018;09:32' -->
<A NAME="page_fq71304_1_24"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>trailing
twelve month EBITDA above certain minimums ranging from ($40&nbsp;million) to $35&nbsp;million after which the Company's existing financial covenants under the revolving facility will
apply. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>With
this amendment, the Company has full access to the $225&nbsp;million revolving facility, subject to the $25&nbsp;million minimum liquidity requirement. As of December&nbsp;31, 2017, the
Company had $39.5&nbsp;million of borrowings on the revolving facility and $8.7&nbsp;million of letters of credit drawn against the revolving facility. As of December&nbsp;31, 2016, the Company
had $61.2&nbsp;million of borrowings and $12.3&nbsp;million of letters of credit, for a total of $73.5&nbsp;million drawn agains the revolving facility. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>The
$40&nbsp;million term loan facility was fully drawn on August&nbsp;11, 2015, in connection with the repayment of the Senior Subordinated Notes. The balance of the term loan facility was
$18.7&nbsp;million as of December&nbsp;31, 2017. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
interest rate applicable to the revolving facility and term loan facility was LIBOR plus a margin ranging from 2.25% to 4.75% (depending on our total senior secured leverage ratio). The borrowers
were required to pay a per annum fee ranging from 0.35% to 0.70% (depending on our senior secured leverage ratio) on the undrawn portion of the commitments under the Revolving Facility. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
the event that operating cash flows fail to provide sufficient liquidity to meet our business needs, including capital expenditures, any such shortfall would need to be made up by increased
borrowings
under our revolving facility, to the extent available. In accordance with our credit facility, we used cash proceeds from the sale of our Engineered Solutions businesses to repay borrowings
outstanding under the revolving facility and the term loan. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>As
of December&nbsp;31, 2017, we were in compliance with all financial and other covenants contained in the revolving facility, as applicable. </FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Senior notes  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>On November&nbsp;20, 2012, the Company issued $300&nbsp;million principal amount of 6.375% Senior Notes due 2020 (the "Senior Notes"). The Senior Notes
are the Company's senior unsecured obligations and rank pari passu with all of the Company's existing and future senior unsecured indebtedness. The Senior Notes are guaranteed on a senior unsecured
basis by each of the Company's existing and future subsidiaries that guarantee certain other indebtedness of the Company or another guarantor. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
Senior Notes bear interest at a rate of 6.375% per year, payable semi-annually in arrears on May&nbsp;15 and November&nbsp;15 of each year. The Senior Notes mature on November&nbsp;15, 2020. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
Company is entitled to redeem some or all of the Senior Notes at any time on or after November&nbsp;15, 2016, at the redemption prices set forth in the indenture. In addition, prior to
November&nbsp;15, 2016, the Company may redeem some or all of the Senior Notes at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, plus a "make whole"
premium determined as set forth in the indenture. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>If,
prior to maturity, a change in control (as defined in the indenture) of the Company occurs and thereafter certain downgrades of the ratings of the Senior Notes as specified in the indenture occur,
the Company will be required to offer to repurchase any or all of the Senior Notes at a repurchase price equal to 101% of the aggregate principal amount of the Senior Notes, plus any accrued and
unpaid interest. On August&nbsp;17, 2015 a change in control occurred due to the merger (see Note&nbsp;2 to the Financial Statements). However, the downgrade of the ratings of the Senior Notes, as
specified in the indenture, did not occur. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-24</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<A NAME="page_fq71304_1_25"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Therefore,
the company was not and will not be required to offer to repurchase the Senior Notes as a result of the merger. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
indenture for the Senior Notes also contains covenants that, among other things, limit the ability of the Company and certain of its subsidiaries to: (i)&nbsp;create liens or use assets as
security in other transactions; (ii)&nbsp;engage in certain sale/leaseback transactions; and (iii)&nbsp;merge, consolidate or sell, transfer, lease or dispose of substantially all of their assets. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
indenture for the Senior Notes also contains customary events of default, including (i)&nbsp;failure to pay principal or interest on the Senior Notes when due and payable, (ii)&nbsp;failure to
comply with covenants or agreements in the indenture or the Senior Notes which failures are not cured or waived as provided in the indenture, (iii)&nbsp;failure to pay indebtedness of the Company,
any Subsidiary Guarantor or Significant Subsidiary (each, as defined in the indenture) within any applicable grace period after maturity or acceleration and the total amount of such indebtedness
unpaid or accelerated exceeds $50.0&nbsp;million, (iv)&nbsp;certain events of bankruptcy, insolvency, or reorganization, (v)&nbsp;failure to pay any judgment or decree for an amount in excess of
$50.0&nbsp;million against the Company, any Subsidiary Guarantor or any Significant Subsidiary that is not discharged, waived or stayed as provided in the indenture, (vi)&nbsp;cessation of any
Subsidiary Guarantee (as defined in the indenture) to be in full force and effect or denial or disaffirmance by any subsidiary guarantor of its obligations under its subsidiary guarantee, and
(vii)&nbsp;a default under the Company's Senior Subordinated Notes. In the case of an event of default, the principal amount of the Senior Notes plus accrued and unpaid interest may be accelerated. </FONT></P>


<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Senior subordinated notes  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>On November&nbsp;30, 2010, in connection with the acquisitions of Seadrift Coke&nbsp;LP and C/G Electrodes,&nbsp;LLC, the Company issued Senior
Subordinated Notes in an aggregate total face amount of $200&nbsp;million. These Senior Subordinated Notes were non-interest bearing and matured in 2015. Because the Senior Subordinated Notes were
non-interest bearing, the Company was required to record them at their present value (determined using an interest rate of 7%). The difference between the face amount of the Senior Subordinated Notes
and their present value is recorded as debt discount. The debt discount was amortized to income using the interest method, over the life of the Senior Subordinated Notes. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>On
July&nbsp;9, 2015, the Company provided notice to all holders of the Senior Subordinated Notes that, as permitted under the Senior Subordinated Notes, the Company intended to prepay in full the
entire $200&nbsp;million aggregate principal amount of the Senior Subordinated Notes after the Company's receipt of the proceeds of the issuance of Preferred Stock to Brookfield. See Note&nbsp;2
for further discussion of the Preferred Stock issuance. This prepayment was consummated on August&nbsp;11, 2015. </FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Refinancing  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>On February&nbsp;12, 2018, the Company entered into a new credit agreement replacing the Senior Notes and the debt outstanding under the revolving facility.
See Note&nbsp;16 "Subsequent Events" for a full description of the transaction. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-25</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<A NAME="page_fq71304_1_26"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=3><B>(8)&nbsp;&nbsp;&nbsp;Interest expense  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The following table presents an analysis of interest expense: </FONT></P>
 <div style="display:none;*display:block;margin-top:-4pt;"></div>

 <DIV style="padding:0pt;position:relative;width:67%;margin-left:10%;">
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<TR style="line-height:0pt;"><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="100.00%" style="font-family:arial;"><div style="width:100.00%;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="49.28pt" style="font-family:arial;"><div style="width:49.28pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="49.28pt" style="font-family:arial;"><div style="width:49.28pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="51.16pt" style="font-family:arial;"><div style="width:51.16pt;"></div></TD>
<TD WIDTH="24.0pt" style="font-family:arial;"><div style="width:24.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="51.16pt" style="font-family:arial;"><div style="width:51.16pt;"></div></TD>
<TD WIDTH="12pt" style="font-family:arial;"><div style="width:12pt;"></div></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




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 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


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<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=8 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>Successor </B></FONT></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>Predecessor </B></FONT></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>  For the year<BR>
ended<BR>
December&nbsp;31,<BR>
2017</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>  For the year<BR>
ended<BR>
December&nbsp;31,<BR>
2016</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>  For the period<BR>
August&nbsp;15<BR>
through<BR>
December&nbsp;31,<BR>
2015</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>  For&nbsp;the&nbsp;period<BR>
January&nbsp;1<BR>
through<BR>
August&nbsp;14,<BR>
2015</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=11 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>  </B></FONT><FONT SIZE=2><B>(Dollars in thousands)</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest incurred on debt</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>24,060</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>20,408</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>7,694</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>12,066</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Amortization of discount on Senior Subordinated Notes</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>12,027</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accretion of fair value adjustment on Senior Notes</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>6,454</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>6,305</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2,305</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Amortization of debt issuance costs</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>309</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>201</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2,118 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
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</FONT>
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<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total interest expense</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>30,823</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>26,914</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>9,999</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>26,211 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


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Interest rates  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The revolving facility had an effective interest rate of 4.57% and 5.52% as of December&nbsp;31, 2017 and 2016, respectively. The Senior Notes carried an
interest rate of 6.375%. The Senior Subordinated Notes had an implied rate of 7.00%. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>On
August&nbsp;11, 2015, we prepaid our Senior Subordinated Notes (see Note&nbsp;7 "Debt and Liquidity"). This prepayment resulted in accelerated amortization of $4.5&nbsp;million as the Senior
Subordinated Notes were prepaid at the face value. The accelerated expense was recorded in the predecessor period. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=3><B>(9)&nbsp;&nbsp;&nbsp;Fair value measurements and derivative instruments  </B></FONT></P>


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Fair market value measurements  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Depending on the inputs, we classify each fair value measurement as follows:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Level&nbsp;1&#151;based upon quoted prices for </FONT><FONT SIZE=2><I>identical</I></FONT><FONT SIZE=2> instruments in active
markets, </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Level&nbsp;2&#151;based upon quoted prices for </FONT><FONT SIZE=2><I>similar</I></FONT><FONT SIZE=2> instruments, prices for
identical or similar instruments in markets that are not active, or model-derived valuations of all of whose significant inputs are observable, and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;"><FONT SIZE=2> Level&nbsp;3&#151;based upon one or more significant unobservable inputs. </FONT></DD></DL>

<P style="font-family:arial;"><FONT SIZE=2>The
following section describes key inputs and assumptions used in valuation methodologies of our assets and liabilities measured at fair value on a recurring basis: </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> Cash and cash equivalents, short-term notes and accounts receivable, accounts payable and other current payables</I></FONT><FONT SIZE=2>&#151;The carrying amount approximates fair value because
of the short maturity of these instruments. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> Debt</I></FONT><FONT SIZE=2>&#151;The fair value of our debt as of December&nbsp;31, 2017 was $359.2&nbsp;million versus a book value of $339.4&nbsp;million.The fair value of our debt as
of December&nbsp;31, 2016 was $342.1&nbsp;million versus a book value </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-26</FONT></P>

<HR NOSHADE>
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<P style="font-family:arial;"><FONT SIZE=2>of
$365.4&nbsp;million. The fair values of the Senior Notes and the revolving facility were determined using level&nbsp;2 and level&nbsp;3 inputs, respectively. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2><I> Assets held for sale</I></FONT><FONT SIZE=2>&#151;Assets held for sale values are determined using Level&nbsp;3 fair value inputs. These represent management's estimate of fair value based
upon current quotes from participants in the sales process. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> Foreign currency derivatives</I></FONT><FONT SIZE=2>&#151;Foreign currency derivatives are carried at market value using Level&nbsp;2 inputs. We had outstanding losses of $0.1&nbsp;million
and $0.2&nbsp;million as of December&nbsp;31, 2017 and 2016, respectively. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> Commodity derivative contracts</I></FONT><FONT SIZE=2>&#151;Commodity derivative contracts are carried at fair value. We determine the fair value using observable, quoted natural gas and
refined oil product prices that are determined by active markets and therefore classify the commodity derivative contracts as Level&nbsp;2. We had outstanding gains of $5.3&nbsp;million and
outstanding losses of $0.6&nbsp;million as of December&nbsp;31, 2017. There were no outstanding gains or losses as of December&nbsp;31, 2016. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Additional
fair value information related to our Pension funds' assets can be found in Note&nbsp;12 "Retirement Plans and Postretirement Benefits". </FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Derivative instruments  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We use derivative instruments as part of our overall foreign currency and commodity risk management strategies to manage the risk of exchange rate movements
that would reduce the value of our foreign cash flows and to minimize commodity price volatility. Foreign currency exchange rate movements create a degree of risk by affecting the value of sales made
and costs incurred in currencies other than the US dollar. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Certain
of our derivative contracts contain provisions that require us to provide collateral. Since the counterparties to these financial instruments are large commercial banks and similar financial
institutions, we do not believe that we are exposed to material counterparty credit risk. We do not anticipate nonperformance by any of the counter-parties to our instruments. </FONT></P>


<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Foreign currency derivatives  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We enter into foreign currency derivatives from time to time to attempt to manage exposure to changes in currency exchange rates. These foreign currency
instruments, which include, but are not limited to, forward exchange contracts and purchased currency options, attempt to hedge global currency exposures such as foreign currency denominated debt,
sales, receivables, payables, and purchases. Forward exchange contracts are agreements to exchange different currencies at a specified future date and at a specified rate. There was no ineffectiveness
on these contracts during the twelve months ended December&nbsp;31, 2016 or 2017. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
2016 and 2017, we entered into foreign forward currency derivatives as hedges of anticipated cash flows denominated in the Mexican peso, South African rand, euro and Japanese yen. These derivatives
were entered into to protect the risk that the eventual cash flows resulting from such transactions will be adversely affected by changes in exchange rates between the US dollar and the Mexican peso,
South African rand, euro, Swiss franc and Japanese yen. As of December&nbsp;31, 2017, we had outstanding Mexican peso, South African rand, euro, Swiss franc and Japanese yen currency contracts, with
aggregate notional amounts of $18.9&nbsp;million. As of December&nbsp;31, 2016, we had outstanding Mexican peso, euro and Japanese yen currency contracts, with aggregate notional amounts of
$22.6&nbsp;million. The foreign currency derivatives outstanding as of December&nbsp;31, 2017 have maturity dates in January 2018. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-27</FONT></P>

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<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Commodity derivative contracts  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We have entered into commodity derivative contracts for refined oil products. These contracts are entered into to protect against the risk that eventual cash
flows related to these products will be adversely affected by future changes in prices. In the fourth quarter of 2017, we began to enter into three-to five-year take-or-pay contracts with many of our
customers. We had outstanding commodity derivative contracts as of December&nbsp;31, 2017 with notional amount of $143.9&nbsp;million with maturities from January 2018 to June 2022. The
outstanding commodity derivative contracts represented a net unrealized gain of $4.7&nbsp;million as of December&nbsp;31, 2017. </FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Net investment hedges  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We use certain intercompany debt to hedge a portion of our net investment in our foreign operations against currency exposure (net investment hedge).
Intercompany debt designated in foreign currency and designated as a non-derivative net investment hedging instrument was $14.8&nbsp;million and $13.3&nbsp;million as of December&nbsp;31, 2017
and 2016, respectively. Within our currency translation adjustment portion of other comprehensive income, we recorded a gain of $1.4&nbsp;million in 2017, and a loss of $1.5&nbsp;million in 2016,
resulting from these net investment hedges. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
fair value of all derivatives is recorded as assets or liabilities on a gross basis in our Consolidated Balance Sheets. At December&nbsp;31, 2017 and 2016, the fair value of our derivatives and
their respective balance sheet locations are presented in the following table: </FONT></P>
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<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
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<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
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<TH COLSPAN=4 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Asset derivatives </B></FONT></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;</FONT></TH>
<TH COLSPAN=4 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Liability derivatives </B></FONT></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;</FONT></TH>
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<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;</FONT></TH>
<TH ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>  Location</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>  Fair&nbsp;value</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;</FONT></TH>
<TH ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>  Location</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>  Fair&nbsp;value</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;</FONT></TH>
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</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=9 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>  </B></FONT><FONT  style="font-size:8pt;line-height:9pt;"><B>(Dollars in thousands)</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>As of December&nbsp;31, 2017</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Derivatives designated as cash flow hedges:</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Commodity derivative contracts</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>Prepaid&nbsp;and&nbsp;other&nbsp;current&nbsp;assets</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>2,518</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>Other&nbsp;accrued&nbsp;liabilities</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>Other&nbsp;long-term&nbsp;assets</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2,808</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>Other long-term obligations</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>581 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total fair value</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>5,326</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>581 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


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 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:arial;"><FONT SIZE=2><BR></FONT></P>
 <div style="display:none;*display:block;margin-top:-4pt;"></div>

 <DIV style="padding:0pt;position:relative;width:57%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"140%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="140%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR style="line-height:0pt;"><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="100.00%" style="font-family:arial;"><div style="width:100.00%;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="124.68pt" style="font-family:arial;"><div style="width:124.68pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.46pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.46pt;"></div></TD>
<TD WIDTH="30.56pt" style="font-family:arial;"><div style="width:30.56pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="87.80pt" style="font-family:arial;"><div style="width:87.80pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.46pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.46pt;"></div></TD>
<TD WIDTH="30.56pt" style="font-family:arial;"><div style="width:30.56pt;"></div></TD>
<TD WIDTH="12pt" style="font-family:arial;"><div style="width:12pt;"></div></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;</FONT></TH>
<TH COLSPAN=4 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Asset derivatives </B></FONT></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;</FONT></TH>
<TH COLSPAN=4 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Liability derivatives </B></FONT></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;</FONT></TH>
<TH ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>  Location</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>  Fair&nbsp;value</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;</FONT></TH>
<TH ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>  Location</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>  Fair&nbsp;value</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
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</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=9 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>  </B></FONT><FONT  style="font-size:8pt;line-height:9pt;"><B>(Dollars in thousands)</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>As of December&nbsp;31, 2017</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Derivatives not designated as hedges:</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Foreign currency derivatives</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>Prepaid&nbsp;and&nbsp;other&nbsp;current&nbsp;assets</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>9</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>Other&nbsp;current&nbsp;liabilities</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>90</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>As of December&nbsp;31, 2016</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Derivatives not designated as hedges:</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Foreign currency derivatives</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>Prepaid&nbsp;and&nbsp;other&nbsp;current&nbsp;assets</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>10</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>Other&nbsp;current&nbsp;liabilities</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>188 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


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 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-28</FONT></P>

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<A NAME="page_fq71304_1_29"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>The
location and amount of realized (gains) losses on derivatives are recognized in the Statements of Operations when the hedged item impacts earnings and are as follows for the years ended 2017 and
2016: </FONT></P>
 <div style="display:none;*display:block;margin-top:-4pt;"></div>

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<TD WIDTH="111.52pt" style="font-family:arial;"><div style="width:111.52pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
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<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
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<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
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<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
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<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


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<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
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</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


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</FONT></TD>
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</FONT>
</TD>
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</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


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<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;</FONT></TH>
<TH COLSPAN=11 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Amount of (gain)/loss recognized </B></FONT></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;</FONT></TH>
<TH ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Location of (gain)/loss<BR>
recognized in the<BR>
consolidated statement of<BR>
income</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>2017</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>2016</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>For the period<BR>
August&nbsp;15&nbsp;through<BR>
December&nbsp;31,&nbsp;2015</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>For&nbsp;the&nbsp;period<BR>
January&nbsp;1&nbsp;through<BR>
December<BR>
August&nbsp;14,&nbsp;2015</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
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</B></FONT></TD>
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<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=11 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>  </B></FONT><FONT  style="font-size:8pt;line-height:9pt;"><B>(Dollars in thousands)</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Derivatives designated as cash flow hedges:</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Foreign currency derivatives, excluding tax of $0, $32, $17 and $106, respectively</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>Revenue/Cost of goods sold /Other&nbsp;expense&nbsp;/(income)</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(322</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(172</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(1,062</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Commodity forward derivatives, excluding tax of ($424)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>Cost of goods sold</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>1,161 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


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<TD WIDTH="90.00pt" style="font-family:arial;"><div style="width:90.00pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.46pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.46pt;"></div></TD>
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<TD WIDTH="4.46pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.46pt;"></div></TD>
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<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
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<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
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<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


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</FONT></TD>
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</TD>
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</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;</FONT></TH>
<TH COLSPAN=11 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Amount of (gain)/loss recognized </B></FONT></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;</FONT></TH>
<TH ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>Location of (gain)/loss<BR>
recognized in the<BR>
consolidated statement<BR>
of income</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>2017</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>2016</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>For the period<BR>
August&nbsp;15&nbsp;through<BR>
December&nbsp;31,&nbsp;2015</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B>For&nbsp;the&nbsp;period<BR>
January&nbsp;1&nbsp;through<BR>
December<BR>
August&nbsp;14,<BR>
2015</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=11 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>  </B></FONT><FONT  style="font-size:8pt;line-height:9pt;"><B>(Dollars in thousands)</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Derivatives not designated as hedges:</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Foreign currency derivatives</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>Cost&nbsp;of&nbsp;goods&nbsp;sold, Other expense/(income)</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(1,565</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>549</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(560</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>1,060 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
 <P style="font-family:arial;"><FONT SIZE=2>Our
commodity derivatives are treated as hedges and are required to be measured at fair value on a recurring basis. With respect to the inputs used to determine the fair value, we use observable,
quoted rates that are determined by active markets and, therefore, classify the contracts as "Level&nbsp;2". </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-29</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=216,EFW="2235378",CP="GRAFTECH INTERNATIONAL LTD.",DN="1",CHK=319891,FOLIO='F-29',FILE='DISK103:[17ZDN4.17ZDN71304]FQ71304A.;28',USER='RRICKEN',CD='19-APR-2018;09:32' -->
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<P style="font-family:arial;"><FONT SIZE=2><A
NAME="page_fs71304_1_30"> </A>

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</FONT> <FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:arial;"><FONT SIZE=3><B>(10)&nbsp;Supplementary balance sheet detail  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The following tables present supplementary balance sheet details: </FONT></P>
 <div style="display:none;*display:block;margin-top:-4pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

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<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR style="line-height:0pt;"><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="100.00%" style="font-family:arial;"><div style="width:100.00%;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="46.88pt" style="font-family:arial;"><div style="width:46.88pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="46.88pt" style="font-family:arial;"><div style="width:46.88pt;"></div></TD>
<TD WIDTH="12pt" style="font-family:arial;"><div style="width:12pt;"></div></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>As of<BR>
December&nbsp;31,<BR>
2017</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>As of<BR>
December&nbsp;31,<BR>
2016 </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD COLSPAN=7 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>  (Dollars in thousands)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>Inventories:</B></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Raw materials and supplies</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>39,434</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>54,469</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Work in process</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>85,852</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>52,379</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Finished goods</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>48,865</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>49,263 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>174,151</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>156,111 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Prepaid expenses and other current assets:</B></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Prepaid expenses</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>9,505</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>6,096</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Value added tax and other indirect taxes receivable</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>18,627</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>12,984</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Spare parts inventory</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>11,010</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other current assets</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>5,730</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2,585 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>44,872</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>21,665 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Property, plant and equipment:</B></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Land and improvements</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>46,599</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>43,737</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Buildings</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>59,608</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>55,440</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Machinery and equipment and other</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>495,069</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>460,892</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Construction in progress</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>41,375</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>25,635 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>642,651</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>585,704 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Other accrued liabilities:</B></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Payrolls (including incentive programs)</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>14,196</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>4,802</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Employee benefits</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>4,684</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>11,439</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Customer prepayments</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>20,784</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>13,562</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>14,278 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>53,226</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>30,519 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Other long term obligations:</B></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Postretirement benefits</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>20,508</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>19,002</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pension and related benefits</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>36,116</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>45,876</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Other</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>12,283</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>17,270 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>68,907</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>82,148 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-30</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=217,EFW="2235378",CP="GRAFTECH INTERNATIONAL LTD.",DN="1",CHK=218243,FOLIO='F-30',FILE='DISK103:[17ZDN4.17ZDN71304]FS71304A.;21',USER='RRICKEN',CD='19-APR-2018;09:33' -->
<A NAME="page_fs71304_1_31"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
following table presents an analysis of the allowance for doubtful accounts: </FONT></P>
 <div style="display:none;*display:block;margin-top:-4pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR style="line-height:0pt;"><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="100.00%" style="font-family:arial;"><div style="width:100.00%;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="22.24pt" style="font-family:arial;"><div style="width:22.24pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="16.20pt" style="font-family:arial;"><div style="width:16.20pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="68.30pt" style="font-family:arial;"><div style="width:68.30pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="66.72pt" style="font-family:arial;"><div style="width:66.72pt;"></div></TD>
<TD WIDTH="12pt" style="font-family:arial;"><div style="width:12pt;"></div></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2017</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>2016</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For&nbsp;the&nbsp;period<BR>
August&nbsp;15&nbsp;through<BR>
December&nbsp;31,<BR>
2015</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For&nbsp;the&nbsp;period<BR>
January&nbsp;1&nbsp;through<BR>
August&nbsp;14,<BR>
2015 </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2><B> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD COLSPAN=11 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><B>  (Dollars in thousands)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Balance at beginning of year</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>326</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>244</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>6,969</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Additions</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>771</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>129</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>244</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>85</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Deductions</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(47</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(1,177</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Balance at end of year</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>1,097</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>326</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>244</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>5,877 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:arial;"><FONT SIZE=3><B>(11)&nbsp;&nbsp;Commitments  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Lease commitments under non-cancelable operating leases extending for one year or more will require the following future payments: </FONT></P>
 <div style="display:none;*display:block;margin-top:-4pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR style="line-height:0pt;"><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="100.00%" style="font-family:arial;"><div style="width:100.00%;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="80.40pt" style="font-family:arial;"><div style="width:80.40pt;"></div></TD>
<TD WIDTH="12pt" style="font-family:arial;"><div style="width:12pt;"></div></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>(Dollars&nbsp;in&nbsp;thousands) </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 2018</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>2,180</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2019</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>1,873</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 2020</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>773</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2021</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>399</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 2022</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>314</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>After 2022</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>649 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:arial;"><FONT SIZE=2>Total
lease and rental expenses under non-cancelable operating leases extending one year or more approximated $5.3&nbsp;million in 2017, $3.6&nbsp;million in 2016 and $6.2&nbsp;million in 2015. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=3><B>(12)&nbsp;Retirement plans and postretirement benefits  </B></FONT></P>


<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Retirement plans  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>On February&nbsp;26, 1991, we formed our own retirement plan covering substantially all our U.S. employees. Under our plan, covered employees earned benefit
payments based primarily on their service credits and wages subsequent to February&nbsp;26, 1991. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Prior
to that date, substantially all our U.S. employees were participants in the U.S. retirement plan of Union Carbide Corporation ("Union Carbide"). While service credit was frozen, covered
employees continued to earn benefits under the Union Carbide plan based on their final average wages through February&nbsp;26, 1991, adjusted for salary increases (not to exceed six percent per
annum) through January&nbsp;26, 1995, the
date Union Carbide ceased to own a minimum 50% of the equity of GTI. The Union Carbide plan is responsible for paying retirement and death benefits earned as of February&nbsp;26, 1991. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Effective
January&nbsp;1, 2002, we established a defined contribution plan for U.S. employees. Certain employees had the option to remain in our defined benefit plan for an additional period of up
to five years. Employees not covered by this option had their benefits under our defined benefit plan frozen as of December&nbsp;31, 2001, and began participating in the defined contribution plan. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-31</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<A NAME="page_fs71304_1_32"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Effective
March&nbsp;31, 2003, we curtailed our qualified benefit plan and the benefits were frozen as of that date for the U.S. employees who had the option to remain in our defined benefit plan.
We also closed our non-qualified U.S. defined benefit plan for the participating salaried workforce. The employees began participating in the defined contribution plan as of April&nbsp;1, 2003. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>Pension
coverage for employees of foreign subsidiaries is provided, to the extent deemed appropriate, through separate plans. Obligations under such plans are systematically provided for by depositing
funds with trustees, under insurance policies or by book reserves. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
components of our consolidated net pension costs are set forth in the following table: </FONT></P>
 <div style="display:none;*display:block;margin-top:-4pt;"></div>

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<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
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<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
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<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
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<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=17 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>Successor </B></FONT></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
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<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>2017 </B></FONT></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>2016 </B></FONT></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>For the period<BR>
August&nbsp;15<BR>
through<BR>
December&nbsp;31,<BR>
2015 </B></FONT></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
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<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>U.S.</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Foreign</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>U.S.</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Foreign</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>U.S.</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Foreign</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
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</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


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</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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 </B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2><B> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD COLSPAN=11 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><B>  (Dollars in thousands)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 Service cost</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>1,305</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>710</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>1,325</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>698</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>386</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>281</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest cost</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>5,352</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>199</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>5,744</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>243</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2,200</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>94</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Expected return on assets</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(5,268</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(299</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(4,940</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(298</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(1,885</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(59</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Curtailment gain</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(675</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Mark-to-market loss (gain)</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(4,140</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(53</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(2,322</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(220</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>716</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>1,843 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Pension costs</B></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(2,751</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>557</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(193</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>423</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>1,417</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>1,484 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

<P style="font-family:arial;"><FONT SIZE=2><BR></FONT></P>
 <div style="display:none;*display:block;margin-top:-4pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR style="line-height:0pt;"><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="100.00%" style="font-family:arial;"><div style="width:100.00%;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="22.58pt" style="font-family:arial;"><div style="width:22.58pt;"></div></TD>
<TD WIDTH="26.0pt" style="font-family:arial;"><div style="width:26.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="23.72pt" style="font-family:arial;"><div style="width:23.72pt;"></div></TD>
<TD WIDTH="12pt" style="font-family:arial;"><div style="width:12pt;"></div></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>Predecessor </B></FONT></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>For the period<BR>
January&nbsp;1<BR>
through<BR>
August&nbsp;14,<BR>
2015 </B></FONT></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>U.S.</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Foreign</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Service cost</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>151</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>98</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest cost</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>854</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>554</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Amortization of prior service cost</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(12</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Pension costs</B></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>1,005</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>640 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:arial;"><FONT SIZE=2>The
mark-to-market gain in 2017 was the result of better than expected returns on assets, partially offset by an unfavorable change to the discount rate. The mark-to-market gain in 2016 was the result
of better than expected returns on plan assets and favorable changes to the mortality tables, partially offset by unfavorable changes to the discount rate. The mark-to-market loss in 2015 was caused
by unfavorable changes to the discount rate. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Amounts
recognized in other comprehensive income did not represent a significant portion of our total post-retirement cost. As a result of our acquisition by Brookfield (see Note&nbsp;2 "Preferred
Share Issuance and Merger"), our pension and post-retirement obligations were revalued as of August&nbsp;15, 2015. The result of this valuation eliminated historical components of Other
Comprehensive Income. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-32</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<A NAME="page_fs71304_1_33"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
reconciliation of the beginning and ending balances of our pension plans' benefit obligations, fair value of assets, and funded status at December&nbsp;31, 2017 and 2016 are: </FONT></P>
 <div style="display:none;*display:block;margin-top:-4pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR style="line-height:0pt;"><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="100.00%" style="font-family:arial;"><div style="width:100.00%;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="33.26pt" style="font-family:arial;"><div style="width:33.26pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="29.02pt" style="font-family:arial;"><div style="width:29.02pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="33.70pt" style="font-family:arial;"><div style="width:33.70pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="26.72pt" style="font-family:arial;"><div style="width:26.72pt;"></div></TD>
<TD WIDTH="12pt" style="font-family:arial;"><div style="width:12pt;"></div></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>As of December&nbsp;31, 2017 </B></FONT></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>As of December&nbsp;31, 2016 </B></FONT></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>U.S.</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Foreign</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>U.S.</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Foreign</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2><B> </B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD COLSPAN=11 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>  (Dollars in thousands)</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>Changes in Benefit Obligation:</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net Benefit Obligation at beginning of period</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>140,230</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>18,237</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>142,126</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>18,271</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Service cost</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>1,305</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>710</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>1,325</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>698</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest cost</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>5,352</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>199</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>5,744</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>243</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Participant contributions</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>252</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>256</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Plan amendments / curtailments</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(122</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Foreign currency exchange changes</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>1,069</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(527</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Actuarial loss (gain)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>3,212</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>63</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>1,293</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(18</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Benefits paid</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(10,353</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(123</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(10,258</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(564</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net benefit obligation at end of period</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>139,746</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>20,407</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>140,230</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>18,237 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>Changes in Plan Assets:</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fair value of plan assets at beginning of period</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>100,905</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>11,871</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>93,897</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>11,293</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Actual return on plan assets</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>12,620</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>415</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>8,556</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>378</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Foreign currency exchange rate changes</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>545</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(346</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Employer contributions</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>6,673</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>658</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>8,710</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>854</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Participant contributions</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>252</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>256</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Benefits paid</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(10,353</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(123</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(10,258</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(564</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fair value of plan assets at end of period</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>109,845</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>13,618</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>100,905</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>11,871 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>Funded status (underfunded):</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(29,901</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(6,789</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(39,325</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(6,366</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Amounts recognized in accumulated other comprehensive loss:</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Prior service credit</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151; </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Amounts recognized in the statement of financial position:</B></FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Non-current assets</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current liabilities</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(433</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(146</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(435</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(128</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Non-current liabilities</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(29,468</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(6,643</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(38,890</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(6,238</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net amount recognized</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(29,901</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(6,789</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(39,325</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(6,366</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:arial;"><FONT SIZE=2>The
accumulated benefit obligation for all defined benefit pension plans was $158.6&nbsp;million and $157.0&nbsp;million as of December&nbsp;31, 2017 and 2016, respectively. </FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Plan assets  </I></B></FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>The accounting guidance on fair value measurements specifies a hierarchy based on the observability of inputs used in valuation techniques (Level&nbsp;1, 2
and 3). See Note&nbsp;9, "Fair Value Measurements and Derivative Instruments," for a discussion of the fair value hierarchy. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-33</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=220,EFW="2235378",CP="GRAFTECH INTERNATIONAL LTD.",DN="1",CHK=194077,FOLIO='F-33',FILE='DISK103:[17ZDN4.17ZDN71304]FS71304A.;21',USER='RRICKEN',CD='19-APR-2018;09:33' -->
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<P style="font-family:arial;"><FONT SIZE=2><A
NAME="page_fu71304_1_34"> </A>

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</FONT> <FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The following describes the methods and significant assumptions used to estimate the fair value of the investments: </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> Cash and cash equivalents</I></FONT><FONT SIZE=2>&#151;Valued at cost. Cash equivalents are valued at net asset value as provided by the administrator of the fund. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2><I> Foreign government bonds</I></FONT><FONT SIZE=2>&#151;Valued by the trustees using various pricing services of financial institutions. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> Debt securities</I></FONT><FONT SIZE=2>&#151;Valued by the trustee at year-end using various pricing services of financial institutions, including Interactive Data Corporation,
Standard&nbsp;&amp; Poor's and Telekurs. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> Equity securities</I></FONT><FONT SIZE=2>&#151;Valued at the closing price reported on the active market on which the security is traded. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> Fixed insurance contract</I></FONT><FONT SIZE=2>&#151;Valued at the present value of the guaranteed payment streams. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2><I> Investment contracts</I></FONT><FONT SIZE=2>&#151;Valued at the total cost of annuity contracts purchased, adjusted for market differences from the date of purchase to year-end. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><I> Collective trusts</I></FONT><FONT SIZE=2>&#151;Valued at the net asset value provided by the administrator of the fund. The net asset value is based on the value of the underlying assets owned
by the fund, minus its liabilities, divided by the number of units outstanding. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
fair value of the plan assets by category is summarized below (dollars in thousands): </FONT></P>
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<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="42pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="53pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
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<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





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 </font>&#8203;


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 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


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 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=11 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>As of December&nbsp;31, 2017 </B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


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 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


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</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


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</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>Level&nbsp;1</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>Level&nbsp;2</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>Level&nbsp;3</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>Total </B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>U.S. Plan Assets</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash and cash equivalents</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>2,094</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>2,094</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Collective trusts</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>107,751</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>107,751 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>2,094</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>107,751</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>109,845</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>International Plan Assets</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Foreign government bonds</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>831</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>831</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Fixed insurance contracts</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>12,787</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>12,787 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>831</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>12,787</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>13,618 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

<P style="font-family:arial;"><FONT SIZE=2><BR></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="41pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="47pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="41pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="53pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=11 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>As of December&nbsp;31, 2016 </B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>Level&nbsp;1</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>Level&nbsp;2</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>Level&nbsp;3</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>Total </B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>U.S. Plan Assets</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash and cash equivalents</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>1,502</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>1,502</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Collective trusts</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>99,403</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>99,403 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>1,502</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>99,403</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>100,905</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>International Plan Assets</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Foreign government bonds</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>729</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>729</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Fixed insurance contracts</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>11,142</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>11,142 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>729</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>11,142</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>11,871 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-34</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=221,EFW="2235378",CP="GRAFTECH INTERNATIONAL LTD.",DN="1",CHK=468994,FOLIO='F-34',FILE='DISK103:[17ZDN4.17ZDN71304]FU71304A.;20',USER='RRICKEN',CD='19-APR-2018;09:33' -->
<A NAME="page_fu71304_1_35"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>The
following table presents the changes for those financial instruments classified within Level&nbsp;3 of the valuation hierarchy for international plan pension assets for the years ended
December&nbsp;31, 2016 and 2017 (dollars in thousands): </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="53pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->

</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>Fixed<BR>
insurance<BR>
contracts </B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>Balance at December&nbsp;31, 2015</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>10,453</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gain / contributions / currency impact</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>707</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Distributions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(18</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance at December&nbsp;31, 2016</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>11,142</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Gain / contributions / currency impact</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>1,651</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distributions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>Balance at December&nbsp;31, 2017</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>12,787 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:arial;"><FONT SIZE=2>We
annually re-evaluate assumptions and estimates used in projecting pension assets, liabilities and expenses. These assumptions and estimates may affect the carrying value of pension assets,
liabilities and expenses in our Consolidated Financial Statements. Assumptions used to determine net pension costs and projected benefit obligations are: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="37pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="37pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
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</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>As of<BR>
December&nbsp;31, </B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B>


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 </b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


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</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;



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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>2017</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>2016 </B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


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 </b></font>&#8203;


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 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


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 </B></FONT></TD>
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 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


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</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B><I>Pension Benefit Obligations Key Assumptions</I></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Weighted average assumptions to determine benefit obligations:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



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 Discount rate</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>3.20%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>3.61%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Rate of compensation increase</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>1.57%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>1.57%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-top:13pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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</FONT> <FONT SIZE=2><B><I>Pension Cost Key Assumptions</I></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Weighted average assumptions to determine net cost:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Discount rate</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>3.61%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>3.86%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Expected return on plan assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>4.95%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>4.97%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 Rate of compensation increase</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>1.57%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>1.84% </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





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 </font>&#8203;


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 </TD>
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</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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</FONT></TD>
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</TR>

</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:arial;"><FONT SIZE=2>We
adjust our discount rate annually in relation to the rate at which the benefits could be effectively settled. Discount rates are set for each plan in reference to the yields available on AA-rated
corporate bonds of appropriate currency and duration. The appropriate discount rate is derived by developing an AA-rated corporate bond yield curve in each currency. The discount rate for a given plan
is the rate implied by the yield curve for the duration of that plan's liabilities. In certain countries, where little public information is available on which to base discount rate assumptions, the
discount rate is based on government bond yields or other indices and approximate adjustments to allow for the differences in weighted durations for the specific plans and/or allowance for assumed
credit spreads between government and AA rated corporate bonds. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
expected return on assets assumption represents our best estimate of the long-term return on plan assets and generally was estimated by computing a weighted average return of the underlying
long-term expected returns on the different asset classes, based on the target asset allocations. The expected return </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-35</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<A NAME="page_fu71304_1_36"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>on
assets assumption is a long-term assumption that is expected to remain the same from one year to the next unless there is a significant change in the target asset allocation, the fees and expenses
paid by the plan or market conditions. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
rate of compensation increase assumption is generally based on salary increases. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2><I> Plan Assets.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The following table presents our retirement plan weighted average asset allocations at December&nbsp;31, 2017, by asset category: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

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<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="34pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="41pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





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</FONT>
</TD>
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 <font></FONT></TD>
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</FONT></TD>
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 <font></FONT></TD>
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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>Percentage of<BR>
plan assets<BR>
as of<BR>
December&nbsp;31,<BR>
2017 </B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>US</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>Foreign </B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Equity securities and return seeking assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>20%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fixed income, debt securities, or cash</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>80%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>100% </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>100%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>100% </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:arial;"><FONT SIZE=2><I> Investment Policy and Strategy.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The investment policy and strategy of the U.S. plan is to invest approximately 20% in equities and return seeking assets and
approximately 80% in fixed income securities. Rebalancing is undertaken monthly. To the extent we maintain plans in other countries, target asset allocation is 100% fixed income investments. For each
plan, the investment policy is set within both asset return and local statutory requirements. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Information
for our pension plans with an accumulated benefit obligation in excess of plan assets at December&nbsp;31, 2016 and 2017 follows: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="51pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="45pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="51pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="44pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>2017</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>2016 </B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>U.S.</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>Foreign</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>U.S.</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>Foreign </B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2><B> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=10 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><B> (Dollars in thousands)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Accumulated benefit obligation</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>139,746</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>18,843</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>140,230</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>16,057</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fair value of plan assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>109,845</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>13,618</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>100,905</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>11,142 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:arial;"><FONT SIZE=2>Information
for our pension plans with a projected benefit obligation in excess of plan assets at December&nbsp;31, 2016 and 2017 follows: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="51pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="46pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="51pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="42pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>2017</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>2016 </B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>U.S.</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>Foreign</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>U.S.</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>Foreign </B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2><B> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=10 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><B> (Dollars in thousands)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Projected benefit obligation</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>139,746</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>20,407</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>140,230</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>17,415</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fair value of plan assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>109,845</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>13,618</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>100,905</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>11,142 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-36</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=223,EFW="2235378",CP="GRAFTECH INTERNATIONAL LTD.",DN="1",CHK=78480,FOLIO='F-36',FILE='DISK103:[17ZDN4.17ZDN71304]FU71304A.;20',USER='RRICKEN',CD='19-APR-2018;09:33' -->
<A NAME="page_fu71304_1_37"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Following
is our projected future pension plan cash flow by year: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="46pt" style="font-family:arial;"></TD>
<TD WIDTH="30pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="41pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>U.S.</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>Foreign </B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2><B> </B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=4 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B> (Dollars in thousands)</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>Expected contributions in 2018:</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Expected employer contributions</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>4,542</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>558</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Expected employee contributions</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Estimated future benefit payments reflecting expected future service for the years ending December&nbsp;31:</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 2018</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>9,086</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>864</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2019</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>9,053</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>751</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 2020</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>9,083</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>743</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2021</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>9,116</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>778</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 2022</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>9,103</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>771</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2023&nbsp;-&nbsp;2027</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>44,783</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>6,285 </FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


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<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



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 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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</TR>

</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Post-employment benefit plans  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We provide life insurance benefits for eligible retired employees. These benefits are provided through various insurance companies. We accrue the estimated
net postretirement benefit costs during the employees' credited service periods. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
July 2002, we amended our U.S. postretirement medical coverage. In 2003 and 2004, we discontinued the Medicare Supplement Plan (for retirees 65&nbsp;years or older or those eligible for Medicare
benefits). This change applied to all U.S. active employees and retirees. In June 2003, we announced the termination of the existing early retiree medical plan for retirees under age 65, effective
December&nbsp;31, 2005. In addition, we limited the amount of retiree's life insurance after December&nbsp;31, 2004. These modifications are accounted for prospectively. The impact of these
changes is being amortized over the average remaining period to full eligibility of the related postretirement benefits. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>During
2009, we amended one of our U.S. plans to eliminate the life insurance benefit for certain non-pooled participants. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
components of our consolidated net postretirement costs are set forth in the following table: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

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<TD WIDTH="31pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="41pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="34pt" style="font-family:arial;"></TD>
<TD WIDTH="36pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="41pt" style="font-family:arial;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
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<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
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<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
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<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
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<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
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</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


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</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


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</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


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</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


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</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


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</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=16 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><B> Successor </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




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 </b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


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 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


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</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


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</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


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</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;



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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2><B> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=4 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><B> For the period<BR>
August&nbsp;15 through</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2><B> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=4 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><B> 2017</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=4 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><B>2016</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=4 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><B>December&nbsp;31, 2015 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




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 </b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>U.S.</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>Foreign</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>U.S.</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>Foreign</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>U.S.</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>Foreign </B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2><B> </B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=16 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B> (Dollars in thousands)</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Service cost</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>2</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>4</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>5</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest cost</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>333</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>653</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>360</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>764</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>142</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>289</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Plan amendment / curtailment</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(993</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Mark-to-market (gain) loss</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(1,257</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>742</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(191</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(225</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(100</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(621</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>Post-employment benefits cost (benefit)</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(924</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>1,397</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>169</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(450</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>42</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(327</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

</TABLE></DIV>
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 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-37</FONT></P>

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<!-- ZEQ.=4,SEQ=224,EFW="2235378",CP="GRAFTECH INTERNATIONAL LTD.",DN="1",CHK=782076,FOLIO='F-37',FILE='DISK103:[17ZDN4.17ZDN71304]FU71304A.;20',USER='RRICKEN',CD='19-APR-2018;09:33' -->
<A NAME="page_fu71304_1_38"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><BR></FONT></P>
 <div style="display:none;*display:block;margin-top:-4pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
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<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR style="line-height:0pt;"><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="100.00%" style="font-family:arial;"><div style="width:100.00%;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="14.34pt" style="font-family:arial;"><div style="width:14.34pt;"></div></TD>
<TD WIDTH="38.0pt" style="font-family:arial;"><div style="width:38.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="23.72pt" style="font-family:arial;"><div style="width:23.72pt;"></div></TD>
<TD WIDTH="12pt" style="font-family:arial;"><div style="width:12pt;"></div></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>



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</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>  Successor </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>  For the period<BR>
January&nbsp;1&nbsp;through<BR>
August&nbsp;14, 2015 </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>  U.S.</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>Foreign </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B> &nbsp;</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>(Dollars in thousands)</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Service cost</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>9</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest cost</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>223</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>433</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Plan amendment / curtailment</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Mark-to-market (gain) loss</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151; </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>Post-employment benefits cost (benefit)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>223</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>442 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:arial;"><FONT SIZE=2>Amounts
recognized in other comprehensive income did not represent a significant portion of our total post-retirement cost. As a result of our acquisition by Brookfield (see Note&nbsp;2 "Preferred
Share Issuance and Merger"), our pension and post-retirement obligations were revalued as of August&nbsp;15, 2015. The result of this valuation eliminated historical components of Other
Comprehensive Income. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
reconciliation of beginning and ending balances of benefit obligations under, fair value of assets of, and the funded status of, our postretirement plans is set forth in the following table: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="46pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="50pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="49pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="50pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>As of<BR>
December&nbsp;31, 2017 </B></FONT></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>As of<BR>
December&nbsp;31, 2016 </B></FONT></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2><B>Postretirement benefits</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>U.S.</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>Foreign</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>U.S.</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>Foreign</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=11 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>(Dollars in thousands)</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Changes in Benefit Obligation:</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net benefit obligation at beginning of period</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>10,175</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>10,700</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>10,859</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>11,296</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Service cost</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>2</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>4</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest cost</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>333</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>653</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>360</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>764</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Foreign currency exchange rates</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>931</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>709</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Actuarial loss (gain)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(1,257</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>742</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(191</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(225</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gross benefits paid</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(790</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(856</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(853</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(855</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Plan amendment</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(993</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net benefit obligation at end of period</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>8,461</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>12,172</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>10,175</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>10,700 </FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Changes in Plan Assets:</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fair value of plan assets at beginning of period</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Employer contributions</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>790</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>856</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>853</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>855</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gross benefits paid</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(790</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(856</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(853</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(855</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fair value of plan assets at end of period</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151; </FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Funded status:</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(8,461</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(12,172</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(10,175</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(10,700</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Amounts recognized in accumulated other comprehensive loss:</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Prior service credit</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151; </FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Amounts recognized in the statement of financial position:</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current liabilities</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(855</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(912</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(1,134</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(738</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-current liabilities</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(7,606</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(11,260</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(9,041</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(9,962</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net amount recognized</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(8,461</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(12,172</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(10,175</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(10,700</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-38</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=225,EFW="2235378",CP="GRAFTECH INTERNATIONAL LTD.",DN="1",CHK=529179,FOLIO='F-38',FILE='DISK103:[17ZDN4.17ZDN71304]FU71304A.;20',USER='RRICKEN',CD='19-APR-2018;09:33' -->
<A NAME="page_fu71304_1_39"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
annually re-evaluate assumptions and estimates used in projecting the postretirement liabilities and expenses. These assumptions and estimates may affect the carrying value of postretirement plan
liabilities and expenses in our Consolidated Financial Statements. Assumptions used to determine net postretirement benefit costs and postretirement projected benefit obligation are set forth in the
following table: </FONT></P>

<P style="font-family:arial;;margin-left:12.0pt;text-indent:-12.0pt;"><FONT SIZE=3><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:12.0pt;text-indent:-12.0pt;" -->


<U>Postretirement benefit obligations</U>  </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="39pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="39pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>2017</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>2016 </B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Weighted average assumptions to determine benefit obligations:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Discount rate</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>5.07%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>4.80%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Health care cost trend on covered charges:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Initial</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>6.86%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>6.80%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Ultimate</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>6.23%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>5.96%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Years to ultimate</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>8 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:arial;;margin-left:12.0pt;text-indent:-12.0pt;"><FONT SIZE=3><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:12.0pt;text-indent:-12.0pt;" -->


<U>Postretirement benefit costs</U>  </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="39pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="39pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>2017</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>2016 </B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Weighted average assumptions to determine net cost:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Discount rate</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>4.80%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>5.10%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Health care cost trend on covered charges:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Initial</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>6.80%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>6.67%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Ultimate</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>5.96%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>6.48%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Years to ultimate</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>1 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:arial;"><FONT SIZE=2>Assumed
health care cost trend rates have a significant effect on the amounts reported for our postretirement benefits. A one-percentage point change in assumed health care cost trend rates would have
the following effects at December&nbsp;31, 2017: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="23pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="41pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="26pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="41pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


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 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


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</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>One<BR>
percentage<BR>
point<BR>
increase </B></FONT></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>One<BR>
percentage<BR>
point<BR>
decrease </B></FONT></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>U.S.</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>Foreign</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>U.S.</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>Foreign</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203;


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 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


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</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


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 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


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 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=11 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>(Dollars in thousands)</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Effect on total service cost and interest cost components</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>2</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>60</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(2</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(50</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Effect on benefit obligations</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>28</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>639</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(27</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(546</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;


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 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:arial;"><FONT SIZE=2>Discount
rates are set for each plan in reference to the yields available on AA-rated corporate bonds of appropriate currency and duration. The appropriate discount rate is derived by developing an
AA-rated corporate bond yield curve in each currency. The discount rate for a given plan is the rate implied by the yield curve for the duration of that plan's liabilities. In certain countries, where
little public information is
available on which to base discount rate assumptions, the discount rate is based on government bond yields or other indices and approximate adjustments to allow for the differences in weighted
durations for the specific plans and/or allowance for assumed credit spreads between government and AA-rated corporate bonds. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-39</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<P style="font-family:arial;"><FONT SIZE=2><A
NAME="page_fw71304_1_40"> </A>

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</FONT> <FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The following table represents projected future postretirement cash flow by year: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="37pt" style="font-family:arial;"></TD>
<TD WIDTH="32pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="41pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;


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 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>U.S.</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>Foreign </B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>(Dollars&nbsp;in&nbsp;thousands)</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Expected contributions in 2018:</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Expected employer contributions</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>855</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>912</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Expected employee contributions</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Estimated future benefit payments reflecting expected future service for the years ending December&nbsp;31:</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2018</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>855</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>912</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2019</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>800</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>907</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2020</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>740</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>909</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2021</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>678</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>900</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2022</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>622</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>885</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2020&nbsp;-&nbsp;2024</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>2,415</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>4,518 </FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Savings plan  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Our employee savings plan provides eligible employees the opportunity for long-term savings and investment. The plan allows employees to contribute up to 5%
of pay as a basic contribution
and an additional 45% of pay as supplemental contribution. We contributed $1.6&nbsp;million to our Savings Plan in 2017 and $2.5&nbsp;million in 2016. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=3><B>(13)&nbsp;Contingencies  </B></FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Legal proceedings  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We are involved in various investigations, lawsuits, claims, demands, environmental compliance programs and other legal proceedings arising out of or
incidental to the conduct of our business. While it is not possible to determine the ultimate disposition of each of these matters, we do not believe that their ultimate disposition will have a
material adverse effect on our financial position, results of operations or cash flows. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Litigation
has been pending in Brazil brought by employees seeking to recover additional amounts and interest thereon under certain wage increase provisions applicable in 1989 and 1990 under
collective bargaining agreements to which employers in the Bahia region of Brazil were a party (including our subsidiary in Brazil). Prior to October&nbsp;1, 2015, we were not party to such
litigation. Companies in Brazil have recently settled claims arising out of these provisions and, in May 2015, the litigation was remanded, in favor of the employees, by the Brazil Supreme Court to
the lower courts for further proceedings which included procedural aspects of the case, such as admissibility of instruments filed by the parties. On October&nbsp;1, 2015, an action was filed by
current and former employees against our subsidiary in Brazil to recover amounts under such provisions, plus interest thereon, which amounts together with interest could be material to us. In the
first quarter of 2017, the state court ruled in favor of the employees. We have appealed this ruling and intend to vigorously defend it. As of December&nbsp;31, 2017, we are unable to assess the
potential loss associated with these proceedings as the claims do not currently specify the number of employees seeking damages or the amount of damages being sought. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-40</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=227,EFW="2235378",CP="GRAFTECH INTERNATIONAL LTD.",DN="1",CHK=126137,FOLIO='F-40',FILE='DISK103:[17ZDN4.17ZDN71304]FW71304A.;19',USER='RRICKEN',CD='19-APR-2018;09:33' -->
<A NAME="page_fw71304_1_41"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Product warranties  </I></B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We generally sell products with a limited warranty. We accrue for known warranty claims if a loss is probable and can be reasonably estimated. We also accrue
for estimated warranty claims incurred based on a historical claims charge analysis. Product warranties were not impacted by purchase price accounting adjustments. Claims accrued but not yet paid and
the related activity within the reserve for 2016 and 2017 are as follows: </FONT></P>
 <div style="display:none;*display:block;margin-top:-4pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR style="line-height:0pt;"><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="100.00%" style="font-family:arial;"><div style="width:100.00%;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="80.40pt" style="font-family:arial;"><div style="width:80.40pt;"></div></TD>
<TD WIDTH="12pt" style="font-family:arial;"><div style="width:12pt;"></div></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>(Dollars&nbsp;in&nbsp;thousands) </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance as of December&nbsp;31, 2015</B></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>388</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Product warranty charges/adjustments</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>1,285</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Payments and settlements</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(704</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance as of December&nbsp;31, 2016</B></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>969</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Product warranty charges/adjustments</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(149</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Payments and settlements</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(471</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


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<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance as of December&nbsp;31, 2017</B></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>349 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




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 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:arial;"><FONT SIZE=3><B>(14)&nbsp;Income taxes  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The following table summarizes the U.S. and non-U.S. components of income (loss) from continuing operations before provision for income taxes: </FONT></P>
 <div style="display:none;*display:block;margin-top:-4pt;"></div>

 <DIV style="padding:0pt;position:relative;width:67%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"120%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="120%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR style="line-height:0pt;"><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="100.00%" style="font-family:arial;"><div style="width:100.00%;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="49.28pt" style="font-family:arial;"><div style="width:49.28pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="49.28pt" style="font-family:arial;"><div style="width:49.28pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="50.84pt" style="font-family:arial;"><div style="width:50.84pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="50.84pt" style="font-family:arial;"><div style="width:50.84pt;"></div></TD>
<TD WIDTH="12pt" style="font-family:arial;"><div style="width:12pt;"></div></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


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<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


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<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


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<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


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<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=8 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>Successor </B></FONT></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>Predecessor </B></FONT></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the year<BR>
ended<BR>
December&nbsp;31,<BR>
2017</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the year<BR>
ended<BR>
December&nbsp;31,<BR>
2016</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For&nbsp;the&nbsp;period<BR>
August&nbsp;15<BR>
through<BR>
December&nbsp;31,<BR>
2015</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For&nbsp;the&nbsp;period<BR>
January&nbsp;1<BR>
through<BR>
August&nbsp;14,<BR>
2015</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=11 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>  </B></FONT><FONT SIZE=2><B>(Dollars in thousands)</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>U.S.&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(26,981</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(44,971</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(16,827</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(84,599</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-U.S.&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>30,412</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(71,450</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(4,916</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(10,919</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>3,431</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(116,421</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(21,743</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(95,518</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


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<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
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 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-41</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>

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<A NAME="page_fw71304_1_42"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Income
tax expense (benefit) consists of the following: </FONT></P>
 <div style="display:none;*display:block;margin-top:-4pt;"></div>

 <DIV style="padding:0pt;position:relative;width:67%;margin-left:10%;">
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<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="49.28pt" style="font-family:arial;"><div style="width:49.28pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="49.28pt" style="font-family:arial;"><div style="width:49.28pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="50.84pt" style="font-family:arial;"><div style="width:50.84pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="50.84pt" style="font-family:arial;"><div style="width:50.84pt;"></div></TD>
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<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


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</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


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</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


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</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


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<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=8 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>Successor </B></FONT></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>Predecessor </B></FONT></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the year<BR>
ended<BR>
December&nbsp;31,<BR>
2017</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the year<BR>
ended<BR>
December&nbsp;31,<BR>
2016</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For&nbsp;the&nbsp;period<BR>
August&nbsp;15<BR>
through<BR>
December&nbsp;31,<BR>
2015</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For&nbsp;the&nbsp;period<BR>
January&nbsp;1<BR>
through<BR>
August&nbsp;14,<BR>
2015</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


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<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


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</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=11 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>  </B></FONT><FONT SIZE=2><B>(Dollars in thousands)</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>U.S income taxes:</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(1,066</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(878</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(52</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(20</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>38</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>1,152</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>686</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>403 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(1,028</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>274</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>634</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>383 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-U.S. income taxes:</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>5,924</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>5,389</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>1,566</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>5,547</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(15,677</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(13,215</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>4,682</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>522 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(9,753</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(7,826</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>6,248</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>6,069 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total income tax (benefit) expense</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(10,781</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(7,552</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>6,882</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>6,452 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:arial;"><FONT SIZE=2>The
2017 tax benefit was primarily the result of the release of a valuation allowance reserve set up against GrafTech Switzerland deferred tax assets. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
Tax Cuts and Jobs Act (the "2017 Tax Act"), which was signed into law on December&nbsp;22, 2017, has resulted in significant changes to the U.S. corporate income tax system. These changes
include a federal statutory rate reduction from 35% to 21%, the elimination or reduction of certain domestic deductions and credits and limitations on the deductibility of interest expense and
executive compensation. The 2017 Tax Act also transitions international taxation from a worldwide system to a modified territorial system and includes base erosion prevention measures on non-U.S.
earnings, which has the effect of subjecting certain earnings of GrafTech's foreign subsidiaries to U.S. taxation as global intangible low-taxed income (GILTI). These changes are effective beginning
in 2018. The 2017 Tax Act also includes a one-time mandatory deemed repatriation tax on the accumulated, previously untaxed foreign earnings of GrafTech's foreign subsidiaries. Changes in tax rates
and tax laws are accounted for in the period of enactment. Therefore, during the year ended December&nbsp;31, 2017, GrafTech recorded a charge totaling $54.1&nbsp;million (including a
$52.2&nbsp;million charge for tax rate reduction, $39.6&nbsp;million of transition tax, partially offset by $37.7&nbsp;million of additional foreign tax credit related to the transition tax)
related to its current estimate of the impact of
the 2017 Tax Act. This increase in the tax charge was predominately offset by a partial release of our valuation allowance established on its U.S. deferred tax assets as a result of current
utilization of U.S. net operating loss carryforwards. Therefore, the Tax Act had minimal impact on our 2017 income tax provision. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
net charge recorded as a provisional amount as of December&nbsp;31, 2017 represents GrafTech's best estimate using information available as of March&nbsp;1, 2018. GrafTech anticipates U.S.
regulatory agencies will issue further regulations during 2018, which may alter this estimate. GrafTech is still evaluating amongst other things, its position with respect to permanent reinvestment of
foreign earnings overseas and other related outside basis difference considerations and the amount of tax owed on unremitted earnings by subsidiaries. GrafTech believes its remeasurement of the U.S.
deferred tax assets and liabilities is complete, except for changes in estimates that can result from finalizing the filing of our 2017 U.S. income tax return, which are not anticipated to be
material, and changes that may be a direct impact of other </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-42</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=229,EFW="2235378",CP="GRAFTECH INTERNATIONAL LTD.",DN="1",CHK=830894,FOLIO='F-42',FILE='DISK103:[17ZDN4.17ZDN71304]FW71304A.;19',USER='RRICKEN',CD='19-APR-2018;09:33' -->
<A NAME="page_fw71304_1_43"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>provisional
amounts recorded due to the enactment of the Act. GrafTech will refine its estimates to incorporate new or better information as it becomes available through the filing date of its 2017
U.S income tax returns in the fourth quarter of 2018. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Income
tax expense (benefit) differed from the amounts computed by applying the U.S. federal income tax rate of 35% to income before (benefit) expense for income taxes as set forth in the following
table: </FONT></P>
 <div style="display:none;*display:block;margin-top:-4pt;"></div>

 <DIV style="padding:0pt;position:relative;width:67%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"120%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="120%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR style="line-height:0pt;"><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="100.00%" style="font-family:arial;"><div style="width:100.00%;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="49.28pt" style="font-family:arial;"><div style="width:49.28pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="49.28pt" style="font-family:arial;"><div style="width:49.28pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="50.84pt" style="font-family:arial;"><div style="width:50.84pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="50.84pt" style="font-family:arial;"><div style="width:50.84pt;"></div></TD>
<TD WIDTH="12pt" style="font-family:arial;"><div style="width:12pt;"></div></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=8 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>Successor </B></FONT></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>Predecessor </B></FONT></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the year<BR>
ended<BR>
December&nbsp;31,<BR>
2017</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For the year<BR>
ended<BR>
December&nbsp;31,<BR>
2016</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For&nbsp;the&nbsp;period<BR>
August&nbsp;15<BR>
through<BR>
December&nbsp;31,<BR>
2015</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>For&nbsp;the&nbsp;period<BR>
January&nbsp;1<BR>
through<BR>
August&nbsp;14,<BR>
2015</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=11 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>  </B></FONT><FONT SIZE=2><B>(Dollars in thousands)</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Tax at statutory U.S. federal rate</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>1,201</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(40,747</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(7,610</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(33,431</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Valuation allowance, net</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(89,269</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>35,091</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>7,355</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>21,532</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 State taxes, net of federal tax benefit</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>3,437</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(2,324</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(697</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(2,005</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Impact of the 2017 Tax Act&#151;transition tax</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>39,628</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Impact of the 2017 Tax Act&#151;tax rate change</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>52,228</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>U.S. tax impact of foreign earnings (net foreign tax credits)</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>1,151</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>51</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>139</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Establishment/resolution of uncertain tax positions</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(840</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(513</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>64</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>71</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Adjustment for foreign income taxed at different rates</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(2,359</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>12,738</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>7,120</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>11,136</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Foreign tax credits</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(18,244</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Non-U.S. tax exemptions, holidays and credits</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>288</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(175</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>228</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(691</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Goodwill impairment/disposal</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>700</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>8,026</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Investment in subsidiary impairment deduction</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(10,114</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>&#151;</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>1,299</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(1,562</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>283</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>1,814 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 (Benefit) provision for income taxes</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(10,781</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>(7,552</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>6,882</FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>6,452 </FONT></TD>
<TD style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
 <P style="font-family:arial;"><FONT SIZE=2>The
Company has been granted a tax holiday in Brazil, which expires in 2024. The availability of the tax holiday in Brazil did not have a significant impact on the current tax year. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-43</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<P style="font-family:arial;"><FONT SIZE=2><A
NAME="page_fy71304_1_44"> </A>

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</FONT> <FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A> </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>The tax effects of temporary differences that give rise to significant components of the deferred tax assets and deferred tax liabilities at December&nbsp;31, 2017, and
December&nbsp;31, 2016 are set forth in the following table: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
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<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="55pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="56pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>As of December&nbsp;31, </B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>2017</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>2016 </B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><B>(Dollars in thousands)</B></FONT><BR></TH>
<TH style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Deferred tax assets:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fixed assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>41,677</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Postretirement and other employee benefits</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>19,392</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>32,275</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Foreign tax credit and other carryforwards</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>175,229</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>153,169</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Capitalized research and experimental costs</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>9,417</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>18,146</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Environmental reserves</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>493</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>4,237</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Inventory</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>7,933</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>15,227</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Original issue discount</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>2,603</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>6,461</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Long-term contract option amortization</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>1,204</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>2,074</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Provision for rationalization charges</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>502</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>7,498</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Other</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>1,536</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>3,391 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total gross deferred tax assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>218,309</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>284,155</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Less: valuation allowance</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(150,839</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(244,841</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total deferred tax assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>67,470</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>39,314 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Deferred tax liabilities:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fixed assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>68,098</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>47,346</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Debt discount amortization / Deferred financing fees</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>3,191</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>6,544</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Inventory</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>5,128</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>3,482</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Goodwill and acquired intangibles</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>2,295</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>2,031</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>2,751 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Total deferred tax liabilities</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>78,448</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>62,418 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net deferred tax liability</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(10,978</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(23,104</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
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</FONT></TD>
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</FONT>
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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
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 <P style="font-family:arial;"><FONT SIZE=2>During
2016, an affiliate of Brookfield purchased on the open market in aggregate approximately $53&nbsp;million of GrafTech's traded senior notes. This related party transaction generated a gain
due to the discount at which the senior note was trading. This gain was taxable to GrafTech in 2016 and generated a deferred tax asset for an original issuance discount of approximately
$6.5&nbsp;million. This deferred tax asset was $2.6&nbsp;million at December&nbsp;31, 2017. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
November 2015, the FASB issued ASU No.&nbsp;2015-17, "</FONT><FONT SIZE=2><I>Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes</I></FONT><FONT SIZE=2>," which requires
deferred tax assets and liabilities, as well as any related valuation allowance, be classified as noncurrent on the balance sheet. As a result, each jurisdiction will only have one net noncurrent
deferred tax asset or liability. This ASU did not change the previous requirement that only permits offsetting within a jurisdiction. The new guidance was effective for annual periods beginning after
December&nbsp;15, 2016, and interim periods within those annual periods, with early adoption permitted. We adopted the amendments as of December&nbsp;31, 2015 on a prospective basis. Adoption
resulted in the presentation of all deferred income tax assets as noncurrent deferred income tax assets in our Consolidated Balance Sheet as of December&nbsp;31, 2015. No prior periods were
retrospectively adjusted and the adoption of the amendments had no impact on our consolidated results of operations or </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-44</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=231,EFW="2235378",CP="GRAFTECH INTERNATIONAL LTD.",DN="1",CHK=532420,FOLIO='F-44',FILE='DISK103:[17ZDN4.17ZDN71304]FY71304A.;17',USER='RRICKEN',CD='19-APR-2018;09:33' -->
<A NAME="page_fy71304_1_45"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>cash
flows. Net non-current deferred tax assets are separately stated as deferred income taxes in the amount of $19.8&nbsp;million as of December&nbsp;31, 2016 and $30.8&nbsp;million as of
December&nbsp;31, 2017. Net non-current deferred tax liabilities are separately stated as deferred income taxes in the amount of $42.9&nbsp;million at December&nbsp;31, 2016 and
$41.8&nbsp;million at December&nbsp;31, 2017. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
continue to assess the need for valuation allowances against deferred tax assets based on determinations of whether it is more likely than not that deferred tax benefits will be realized through
the generation of future taxable income. Appropriate consideration is given to all available evidence, both positive and negative, in assessing the need for a valuation allowance. Examples of positive
evidence would include a strong earnings history, an event or events that would increase our taxable income through a continued reduction of expenses, and tax planning strategies that would indicate
an ability to realize deferred tax assets. Examples of negative evidence would include cumulative losses in recent years and history of tax attributes expiring unused. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Valuation
allowance activity for the years ended December&nbsp;31, 2015, 2016 and 2017 is as follows: </FONT></P>
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<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="80.40pt" style="font-family:arial;"><div style="width:80.40pt;"></div></TD>
<TD WIDTH="12pt" style="font-family:arial;"><div style="width:12pt;"></div></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


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 <font></FONT></TD>
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</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>  (Dollars in thousands) </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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</FONT> <FONT SIZE=2><B>Balance as of December&nbsp;31, 2015</B></FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>165,539</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>(Credited) / charged to income</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>78,469</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Translation adjustment</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>583</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Changes attributable to movement in underlying assets</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>250 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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</FONT> <FONT SIZE=2><B>Balance as of December&nbsp;31, 2016</B></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>244,841</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>(Credited) / charged to income</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(87,194</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Translation adjustment</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>207</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Changes attributable to movement in underlying assets</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(7,015</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>Balance as of December&nbsp;31, 2017</B></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>150,839 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
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 </DIV>
 <P style="font-family:arial;"><FONT SIZE=2>GrafTech
impaired the fixed assets and announced exiting of certain product lines in our Advanced Graphite Material ("AGM") product group in the Company's second quarter of 2014. During the third
quarter of 2014, we announced the conclusion of another phase of our on-going companywide cost savings assessment. This resulted in changes to the Company's operating and management structure in order
to streamline, simplify and decentralize the organization. The impairment charges and other rationalization
related charges were incurred primarily in the U.S. jurisdiction. As a result, we determined that it was no longer "more likely than not" that we would generate sufficient future U.S. taxable income
to realize our deferred tax assets related to U.S. foreign tax credits and state net operating loss carryforwards, as well as our net U.S. deferred tax assets. With the additional significant negative
evidence of those losses, the Company recognized a $73.4&nbsp;million non-cash charge to the Statement of Operations in 2014 to reflect a full valuation allowance against these U.S. deferred income
tax assets. Additional non-cash charges were recognized during 2015 and 2016 as a result of no benefit being recorded for U.S. and Switzerland deferred tax assets in 2015 and 2016. The recognition of
the valuation allowance does not result in or limit the Company's ability to utilize these tax assets in the future. In the fourth quarter of 2017, with the enactment of the 2017 Tax Act, additional
taxable income resulted from un-remitted earnings and profits of foreign subsidiaries. This additional taxable income lead to the current year utilization of the U.S. net operating loss carryforward
and a partial release of the valuation allowance against the U.S. deferred tax assets. The valuation allowance was further reduced by the U.S. tax rate decrease from 35% to 21% as a result of the
newly enacted 2017 Tax Act. The recognition of the valuation allowance does not result in or limit the Company's ability to utilize these tax assets in the future. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-45</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=232,EFW="2235378",CP="GRAFTECH INTERNATIONAL LTD.",DN="1",CHK=851696,FOLIO='F-45',FILE='DISK103:[17ZDN4.17ZDN71304]FY71304A.;17',USER='RRICKEN',CD='19-APR-2018;09:33' -->
<A NAME="page_fy71304_1_46"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>In
March of 2017, $19.5&nbsp;million of foreign tax credit expired. During the fourth quarter of 2017, we increased our foreign tax credit carryforward by $37.7&nbsp;million, as a result of
additional foreign taxable income derived in connections with the new U.S. tax legislation that was enacted on December&nbsp;22, 2017. Thus, we have a total foreign tax credit carryforward of
$37.9&nbsp;million as of December&nbsp;31, 2017, for which a full valuation allowance is recorded. These tax credit carryforwards begin to expire as of March&nbsp;15, 2025. In addition, we have
a federal net operating loss carryforward of $388.8&nbsp;million and state net operating losses carryforwards of $263.1&nbsp;million, which can be carried forward from 5 to 20&nbsp;years. These
net operating losses carryforwards generate a deferred tax asset of $101.9&nbsp;million as of December&nbsp;31, 2017. We also have U.S. non-net operating loss related deferred tax assets of
$3.7&nbsp;million as of December&nbsp;31, 2017. The federal net operating loss carryforward and foreign tax credit utilization will be limited by IRC &sect;382 and &sect;383,
respectively. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
have assessed the need for valuation allowances against these deferred tax assets based on determinations of whether it is more likely than not that deferred tax benefits will be realized through
the generation of future taxable income. Appropriate consideration is given to all available evidence, both positive and negative, in assessing the need for a valuation allowance, including existing
level of profitability and recently available projections of future taxable income, which are comparable with current year results. During the fourth quarter of 2017, GrafTech Switzerland moved from a
cumulative loss position to a cumulative profit position, as well as a current year utilization of its net operating loss carryforward. This positive evidence and utilization has led to a full release
of the valuation allowance against the GrafTech Switzerland deferred tax asset. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Based
upon the levels of historical federal and state taxable income and projections of future federal and state taxable income over the periods during which the carryforwards can be utilized, we do
not believe it is more likely than not that we will realize the tax benefits of the U.S. deferred tax assets. Until we determine that we will generate sufficient jurisdictional taxable income to
realize our net operating losses and deferred tax assets, these assets will continue to be fully reserved. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>We
have non-U.S. loss and tax credit carryforwards on a gross tax effected basis of $34.5&nbsp;million, which can be carried forward from 7&nbsp;years to indefinitely. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>As
of December&nbsp;31, 2017, we had unrecognized tax benefits of $2.5&nbsp;million, $2.2&nbsp;million of which, if recognized, would have a favorable impact on our effective tax rate. We have
elected to report interest and penalties related to uncertain tax positions as income tax expense. Accrued interest and penalties were $0.7&nbsp;million as of December&nbsp;31, 2015 (an increase
of $0.2&nbsp;million), $0.8&nbsp;million as of December&nbsp;31, 2016 (an increase of $0.1&nbsp;million) and $0.8&nbsp;million as of December&nbsp;31, 2017 (an increase of
$0.0&nbsp;million). A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: </FONT></P>
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<TR style="line-height:0pt;"><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="100.00%" style="font-family:arial;"><div style="width:100.00%;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="80.40pt" style="font-family:arial;"><div style="width:80.40pt;"></div></TD>
<TD WIDTH="12pt" style="font-family:arial;"><div style="width:12pt;"></div></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>(Dollars in thousands) </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>Balance as of December&nbsp;31, 2015</B></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>3,921</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Lapse of statutes of limitations</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(603</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Foreign currency impact</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>20 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance as of December&nbsp;31, 2016</B></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>3,338</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Additions for tax positions of prior years</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>114</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Lapse of statutes of limitations</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>(989</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Foreign currency impact</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>29 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance as of December&nbsp;31, 2017</B></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>2,492 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-46</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=233,EFW="2235378",CP="GRAFTECH INTERNATIONAL LTD.",DN="1",CHK=1032386,FOLIO='F-46',FILE='DISK103:[17ZDN4.17ZDN71304]FY71304A.;17',USER='RRICKEN',CD='19-APR-2018;09:33' -->
<A NAME="page_fy71304_1_47"> </A>

<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>It
is reasonably possible that a reduction of unrecognized tax benefits of up to $0.4&nbsp;million may occur within 12&nbsp;months due to settlements and the expiration of statutes of limitation. </FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>We
file income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. All U.S. federal tax years prior to 2014 are generally closed by statute or have been audited
and settled with the applicable domestic tax authorities. All other jurisdictions are still open to examination beginning after 2011. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
Company has not provided for U.S. income taxes or foreign withholding taxes on the differences between the financial reporting basis in our foreign investments, and the tax basis in such
investments, estimated to be $283.7&nbsp;million, which are considered to be permanently reinvested as of December&nbsp;31, 2017. Any outside basis difference would be taxable upon the sale or
liquidation of the foreign subsidiaries, or upon the remittance of dividends. The measurement of the unrecognized U.S. income taxes, if any, that may be associated with these outside basis
differences, is not practicable. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=3><B>(15)&nbsp;Accumulated other comprehensive income (loss)  </B></FONT></P>


<P style="font-family:arial;"><FONT SIZE=2>The balance in our accumulated other comprehensive income (loss) is set forth in the following table: </FONT></P>
 <div style="display:none;*display:block;margin-top:-4pt;"></div>

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<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR style="line-height:0pt;"><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="100.00%" style="font-family:arial;"><div style="width:100.00%;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="46.68pt" style="font-family:arial;"><div style="width:46.68pt;"></div></TD>
<TD WIDTH="12.0pt" style="font-family:arial;"><div style="width:12.0pt;"></div></TD>
<TD WIDTH="4.96pt" ALIGN="RIGHT" style="font-family:arial;"><div style="width:4.96pt;"></div></TD>
<TD WIDTH="46.68pt" style="font-family:arial;"><div style="width:46.68pt;"></div></TD>
<TD WIDTH="12pt" style="font-family:arial;"><div style="width:12pt;"></div></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 2.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 2.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>As of<BR>
December&nbsp;31,<BR>
2017</B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
<TH COLSPAN=2 ALIGN="RIGHT" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2><B>As of<BR>
December&nbsp;31,<BR>
2016 </B></FONT><BR></TH>
<TH style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TH>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><B>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B></b></font>&#8203;<font><b>



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2><B></b></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2><B> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD COLSPAN=5 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><B>  (Dollars in thousands)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Foreign currency translation adjustments</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>15,468</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(7,560</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Commodities and foreign currency derivatives</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>4,821</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;" COLSPAN=2><FONT SIZE=2>2 </FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;" COLSPAN=2><FONT SIZE=2></font>&#8203; <!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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<TD VALIGN="BOTTOM" style="white-space:nowrap;line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 Total accumulated comprehensive income (loss)</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>20,289</FONT></TD>
<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>&#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
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<TD VALIGN="BOTTOM" style="white-space:nowrap;font-family:arial;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


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 <font></FONT></TD>
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</FONT></TD>
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 <font></FONT></TD>
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</FONT>
</TD>
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</TR>
</TABLE></DIV>
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 </DIV>
 <P style="font-family:arial;"><FONT SIZE=2>As
a result of our acquisition by Brookfield and the subsequent purchase price accounting adjustments, accumulated comprehensive losses in equity were reset on August&nbsp;15, 2015. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=3><B>(16)&nbsp;Subsequent events  </B></FONT></P>


<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Refinancing  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>On February&nbsp;12, 2018, GrafTech entered into a credit agreement (the "2018 Credit Agreement") among GrafTech, GrafTech Finance&nbsp;Inc., a Delaware
corporation and a wholly owned subsidiary of GrafTech ("Finance"), GrafTech Switzerland&nbsp;SA, a Swiss corporation and a wholly owned subsidiary of GrafTech ("Swissco"), GrafTech Luxembourg II
S.&agrave;.r.l., a Luxembourg soci&eacute;t&eacute; &agrave; responsabilit&eacute; limit&eacute;e and a wholly owned subsidiary of GrafTech ("Luxembourg
Holdco" and, together with Finance and Swissco, the "Co-Borrowers"), the lenders and issuing banks party thereto and JPMorgan Chase Bank, N.A. as administrative agent and as collateral agent, which
provides for (i)&nbsp;a $1,500&nbsp;million senior secured term facility (the "2018 Term Loan Facility") and (ii)&nbsp;a $250&nbsp;million senior secured revolving credit facility (the "2018
Revolving Credit Facility" and, together with the Term Loan Facility, the "Senior Secured Credit Facilities"), which may be used from time to time for revolving credit borrowings denominated in
dollars or Euro, the issuance of one or more letters of credit denominated in dollars, Euro, Pounds Sterling or Swiss Francs and one or more swing line loans denominated in dollars. Finance is the
sole borrower under the 2018 Term Loan Facility while Finance, Swissco and Lux Holdco are Co-Borrowers under the 2018 Revolving Credit Facility. On February&nbsp;12, 2018, Finance borrowed
$1,500&nbsp;million under the 2018 Term Loan Facility </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-47</FONT></P>

<HR NOSHADE>
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<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>(or
the 2018 Term Loans). The 2018 Term Loans mature on February&nbsp;12, 2025. The maturity date for the 2018 Revolving Credit Facility is February&nbsp;12, 2023. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
proceeds of the 2018 Term Loans were used to (i)&nbsp;repay in full all outstanding indebtedness of the Co-Borrowers under the amended and restated credit agreement dated as of
February&nbsp;27, 2015 and terminate all commitments thereunder, (ii)&nbsp;redeem in full the Senior Notes at a redemption price of 101.594% of the principal amount thereof plus accrued and unpaid
interest to the date of redemption, (iii)&nbsp;pay fees and expenses incurred in connection with (i)&nbsp;and (ii)&nbsp;above and the Senior Secured Credit Facilities and related expenses, and
(iv)&nbsp;pay a dividend, with any remainder to be used for general corporate purposes. In connection with the repayment of the amended and restated credit agreement dated as of February&nbsp;27,
2015 and redemption of the Senior Notes, all guarantees of obligations under the
amended and restated credit agreement dated as of February&nbsp;27, 2015, the Indenture and the Senior Notes were terminated, all mortgages and other security interests securing obligations under
the amended and restated credit agreement dated as of February&nbsp;27, 2015 were released and the amended and restated credit agreement dated as of February&nbsp;27, 2015 and the Indenture were
terminated. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Borrowings
under the 2018 Term Loan Facility bear interest, at Finance's option, at a rate equal to either (i)&nbsp;the Adjusted LIBO Rate (as defined in the 2018 Credit Agreement), plus an
applicable margin initially equal to 3.50% per annum or (ii)&nbsp;the ABR Rate (as defined in the 2018 Credit Agreement), plus an applicable margin initially equal to 2.50% per annum, in each case
with one step down of 25 basis points based on achievement of certain public ratings of the 2018 Term Loans. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Borrowings
under the 2018 Revolving Credit Facility bear interest, at the applicable Co-Borrower's option, at a rate equal to either (i)&nbsp;the Adjusted LIBO Rate, plus an applicable margin
initially equal to 3.75% per annum or (ii)&nbsp;the ABR Rate, plus an applicable margin initially equal to 2.75% per annum, in each case with one step down based on achievement of certain senior
secured first lien net leverage ratios. In addition, the Co-Borrowers will be required to pay a quarterly commitment fee on the unused commitments under the 2018 Revolving Credit Facility in an amount
equal to 0.25% per annum. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>All
obligations under the 2018 Credit Agreement are guaranteed by GrafTech, Finance and each domestic subsidiary of GrafTech, subject to certain customary exceptions, and all obligations under the
2018 Credit Agreement of each foreign subsidiary of GrafTech that is a Controlled Foreign Corporation are guaranteed by GrafTech Luxembourg I S.&agrave;.r.l., a Luxembourg
soci&eacute;t&eacute; &agrave; responsabilit&eacute; limit&eacute;e and an indirect wholly owned subsidiary of GrafTech (or Luxembourg Parent), Luxembourg
Holdco, Swissco (collectively, the Guarantors). </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>All
obligations under the 2018 Credit Agreement are secured, subject to certain exceptions and Excluded Assets (as defined in the 2018 Credit Agreement), by: (i)&nbsp;a pledge of all of the equity
securities of Finance and each domestic Guarantor (other than GrafTech) and of each other direct, wholly owned domestic subsidiary of GrafTech and any Guarantor, (ii)&nbsp;a pledge on no more than
65% of the equity interests of each subsidiary that is a Controlled Foreign Corporation (within the meaning of Section&nbsp;956 of the Internal Revenue Code of 1986, as amended from time to time),
and (iii)&nbsp;security interests in, and mortgages on, personal property and material real property of Finance and each domestic Guarantor, subject to permitted liens and certain exceptions
specified in the 2018 Credit Agreement. The obligations of each foreign subsidiary of GrafTech that is a Controlled Foreign Corporation under the Revolving Credit Facility are secured by (i)&nbsp;a
pledge of all of the equity securities of each Guarantor that is a Controlled Foreign Corporation and of each direct, wholly owned subsidiary of any Guarantor that is a Controlled Foreign Corporation,
and (ii)&nbsp;security interests in certain receivables and personal property of each Guarantor that is a Controlled Foreign Corporation, subject to permitted liens. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-48</FONT></P>

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<P style="font-family:arial;"><FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
2018 Term Loans amortize at a rate equal to 5% per annum of the original principal amount of the 2018 Term Loans payable in equal quarterly installments, with the remainder due at maturity. The
Co-Borrowers are permitted to make voluntary prepayments at any time without premium or penalty, except in the case of prepayments made in connection with certain repricing transactions with respect
to the 2018 Term Loans effected within twelve months of the closing date of the 2018 Credit Agreement, to which a 1.00% prepayment premium applies. Finance is required to make prepayments under the
2018 Term Loans (without payment of a premium) with (i)&nbsp;net cash proceeds from non-ordinary course asset sales (subject to customary reinvestment rights and other customary exceptions and
exclusions), and (ii)&nbsp;commencing with the Company's fiscal year ending December&nbsp;31, 2019, 75% of Excess Cash Flow (as defined in the 2018 Credit Agreement), subject to step-downs to 50%
and 0% of Excess Cash Flow based on achievement of a senior secured first lien net leverage ratio greater than 1.25 to 1.00 but less than or equal to 1.75 to 1.00 and less than or equal to 1.25 to
1.00, respectively. Scheduled quarterly amortization payments of the 2018 Term Loans during any calendar year reduce, on a dollar-for-dollar basis, the amount of the required Excess Cash Flow
prepayment for such calendar year, and the aggregate amount of Excess Cash Flow prepayments for any calendar year reduce subsequent quarterly amortization payments of the 2018 Term Loans as directed
by Finance. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>The
2018 Credit Agreement contains customary representations and warranties and customary affirmative and negative covenants applicable to GrafTech and restricted subsidiaries, including, among other
things, restrictions on indebtedness, liens, investments, fundamental changes, dispositions, and dividends and other distributions. The 2018 Credit Agreement contains a financial covenant that
requires GrafTech to maintain a senior secured first lien net leverage ratio note greater than 4.00:1.00 when the aggregate principal amount of borrowings under the 2018 Revolving Credit Facility and
outstanding letters of credit issued under the 2018 Revolving Credit Facility (except for undrawn letters of credit in an aggregate amount equal to or less than $35&nbsp;million), taken together,
exceed 35% of the total amount of commitments under the 2018 Revolving Credit Facility. The 2018 Credit Agreement also contains customary events of default. </FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Dividend  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>On February&nbsp;12, 2018, GrafTech declared and paid a dividend to our owner, Brookfield, in the amount of $1,112.0&nbsp;million. This dividend was
funded by the debt assumed in the aforementioned refinancing. </FONT></P>

<P style="font-family:arial;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Stock split  </I></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>On
April&nbsp;12, 2018, the Company effected a 3,022,259.23 to one stock split of the Company's then outstanding common stock. We have retroactively applied this split to all share presentations, as
well as "Net income (loss) per share" and "Income (loss) from continuing operations per share" calculations for the successor entity's periods presented. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>F-49</FONT></P>

<HR NOSHADE>
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</FONT> <FONT SIZE=2><A HREF="#bg71304a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>&nbsp;<BR></FONT></P>


<P style="font-family:arial;"><FONT SIZE=2><div
style="width:100%;border-top:solid #000000 3.0pt;padding:0in 0in 0in 0in;font-size:3.0pt;"></div>
<div style="width:100%;border-top:solid #000000 1.0pt;padding:0in 0in 0in 0in;font-size:4.0pt;"></div> </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=5><B><I>35,000,000 Shares  </I></B></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=5><B>
<IMG SRC="g100914.jpg" ALT="LOGO" WIDTH="216" HEIGHT="63">
  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=5><B><I>Common Stock  </I></B></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=6><B>Prospectus  </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="33%" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="33%" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="33%" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=4><B>J.P. Morgan</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=4>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=4>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=4>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=4><B> Credit Suisse</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><BR><FONT SIZE=4><B> Citigroup</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=4><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><BR><FONT SIZE=4><B> RBC Capital Markets</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=4><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><BR><FONT SIZE=4><B> HSBC</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=4>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=4>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=4>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=4>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=4>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>

 <div style="display:none;*display:block;margin-top:-1pt;"></div>

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<DIV ALIGN="CENTER"><TABLE width="150%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="124pt" style="font-family:arial;"></TD>
<TD WIDTH="2%" style="font-family:arial;"></TD>
<TD WIDTH="81pt" style="font-family:arial;"></TD>
<TD WIDTH="2%" style="font-family:arial;"></TD>
<TD WIDTH="122pt" style="font-family:arial;"></TD>
<TD WIDTH="2%" style="font-family:arial;"></TD>
<TD WIDTH="139pt" style="font-family:arial;"></TD>
<TD WIDTH="2%" style="font-family:arial;"></TD>
<TD WIDTH="78pt" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><B>BMO Capital Markets</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><B> BNP PARIBAS</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><B> CIBC Capital Markets</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><B> National Bank Financial</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><B> TD Securities</B></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:arial;"><FONT SIZE=2><B>April&nbsp;18, 2018  </B></FONT></P>

<P style="font-family:arial;"><FONT SIZE=2>Through and including May&nbsp;13, 2018 (the 25th&nbsp;day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not
participating in this offering, may be required to deliver a prospectus. This is in addition to each dealer's obligation to deliver a prospectus when acting as underwriter, and with respect to its
unsold allotments or subscriptions. </FONT></P>

<P style="font-family:arial;"><FONT SIZE=2><div
style="width:100%;border-top:solid #000000 1.0pt;padding:0in 0in 0in 0in;font-size:3.0pt;"></div>
<div style="width:100%;border-top:solid #000000 3.0pt;padding:0in 0in 0in 0in;font-size:4.0pt;"></div> </FONT></P>

<HR NOSHADE>
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<DOCUMENT>
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<SEQUENCE>14
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
