<SEC-DOCUMENT>0001308179-14-000024.txt : 20140129
<SEC-HEADER>0001308179-14-000024.hdr.sgml : 20140129
<ACCEPTANCE-DATETIME>20140129163541
ACCESSION NUMBER:		0001308179-14-000024
CONFORMED SUBMISSION TYPE:	PRE 14A
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20140129
FILED AS OF DATE:		20140129
DATE AS OF CHANGE:		20140129

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FUELCELL ENERGY INC
		CENTRAL INDEX KEY:			0000886128
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
		IRS NUMBER:				060853042
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14204
		FILM NUMBER:		14557388

	BUSINESS ADDRESS:	
		STREET 1:		3 GREAT PASTURE RD
		CITY:			DANBURY
		STATE:			CT
		ZIP:			06813
		BUSINESS PHONE:		2038256000

	MAIL ADDRESS:	
		STREET 1:		3 GREAT PASTURE ROAD
		CITY:			DANBURY
		STATE:			CT
		ZIP:			06813

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ENERGY RESEARCH CORP /NY/
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
<DOCUMENT>
<TYPE>PRE 14A
<SEQUENCE>1
<FILENAME>lfc2014_pre14a.htm
<DESCRIPTION>FUELCELL ENERGY INC - PRE 14A
<TEXT>
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<TITLE>FUELCELL PRE 14A</TITLE>
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<BODY>


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

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



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

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington,&nbsp;D.C. 20549</P>

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



<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proxy Statement Pursuant to Section&nbsp;14(a)
of the Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exchange Act of 1934 (Amendment No. )</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><IMG SRC="check.jpg" ALT=""></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 42%"><FONT STYLE="font-size: 10pt">&nbsp;Filed by the Registrant</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><IMG SRC="uncheck.jpg" ALT=""></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 42%">&nbsp;<FONT STYLE="font-size: 10pt">Filed by a Party other than the Registrant</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="background-color: rgb(203,224,215)">
    <TD COLSPAN="2" STYLE="border: Black 1px solid; font: 12pt Times New Roman, Times, Serif; padding-left: 2pt"><B>Check the appropriate box:</B></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; border-bottom: Black 1px solid; border-left: Black 1px solid; border-right: Black 1px solid"><IMG SRC="check.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt; border-bottom: Black 1px solid; border-right: Black 1px solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; border-bottom: Black 1px solid; border-left: Black 1px solid; border-right: Black 1px solid"><IMG SRC="uncheck.jpg" ALT=""></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt; border-bottom: Black 1px solid; border-right: Black 1px solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt"><B>Confidential, for use of the Commission only (as permitted by Rule&nbsp;14a-6(e)(2))</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; border-bottom: Black 1px solid; border-left: Black 1px solid; border-right: Black 1px solid"><IMG SRC="uncheck.jpg" ALT=""></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt; border-bottom: Black 1px solid; border-right: Black 1px solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; border-bottom: Black 1px solid; border-left: Black 1px solid; border-right: Black 1px solid"><IMG SRC="uncheck.jpg" ALT=""></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt; border-bottom: Black 1px solid; border-right: Black 1px solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; padding-top: 1pt; padding-bottom: 1pt; border-bottom: Black 1px solid; border-left: Black 1px solid; border-right: Black 1px solid"><IMG SRC="uncheck.jpg" ALT=""></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt; border-bottom: Black 1px solid; border-right: Black 1px solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Soliciting Material Pursuant to ss.240.14a-12</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #007049"><B>FUELCELL ENERGY, INC.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(Name of Registrant as Specified In Its
Charter)</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(Name of Person(s) Filing Proxy Statement,
if other than the Registrant)</I></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="background-color: rgb(203,224,215)">
    <TD COLSPAN="3" STYLE="border: Black 1px solid; font: 12pt Times New Roman, Times, Serif; text-align: left; padding-left: 2pt"><B>Payment of Filing Fee (Check the appropriate box):</B></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 1pt; padding-bottom: 1pt; border-bottom: Black 1px solid; border-left: Black 1px solid; border-right: Black 1px solid">&nbsp;<IMG SRC="check.jpg" ALT=""></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-top: 1pt; padding-bottom: 1pt; border-bottom: Black 1px solid; border-right: Black 1px solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt"><B>No fee required.</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 1pt; padding-bottom: 1pt; border-right: Black 1px solid; border-left: Black 1px solid">&nbsp;<IMG SRC="uncheck.jpg" ALT=""></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-top: 1pt; padding-bottom: 1pt; border-bottom: Black 1px solid; border-right: Black 1px solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt"><B>Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(4) and 0-11.</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 6%; padding-top: 1pt; padding-bottom: 1pt; border-right: Black 1px solid; border-left: Black 1px solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 3%; padding-top: 1pt; padding-bottom: 1pt; border-bottom: Black 1px solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">(1)&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 91%; padding-top: 1pt; padding-bottom: 1pt; border-bottom: Black 1px solid; border-right: Black 1px solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Title of each class of securities to which transaction applies:</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 1pt; padding-bottom: 1pt; border-right: Black 1px solid; border-left: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left; padding-top: 1pt; padding-bottom: 1pt; border-bottom: Black 1px solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">(2)&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left; padding-top: 1pt; padding-bottom: 1pt; border-bottom: Black 1px solid; border-right: Black 1px solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Aggregate number of securities to which transaction applies:</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 1pt; padding-bottom: 1pt; border-right: Black 1px solid; border-left: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left; padding-top: 1pt; padding-bottom: 1pt; border-bottom: Black 1px solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">(3)&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left; padding-top: 1pt; padding-bottom: 1pt; border-bottom: Black 1px solid; border-right: Black 1px solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt"> Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule&nbsp;0-11<BR>(set&nbsp;forth&nbsp;the&nbsp;amount on which the filing fee is calculated and state how it was determined):</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 1pt; padding-bottom: 1pt; border-right: Black 1px solid; border-left: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left; padding-top: 1pt; padding-bottom: 1pt; border-bottom: Black 1px solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">(4) </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left; padding-top: 1pt; padding-bottom: 1pt; border-bottom: Black 1px solid; border-right: Black 1px solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Proposed maximum aggregate value of transaction:</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 1pt; padding-bottom: 1pt; border-right: Black 1px solid; border-left: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left; padding-top: 1pt; padding-bottom: 1pt; border-bottom: Black 1px solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">(5) </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left; padding-top: 1pt; padding-bottom: 1pt; border-bottom: Black 1px solid; border-right: Black 1px solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Total fee paid:</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 1pt; padding-bottom: 1pt; border: Black 1px solid">&nbsp;<IMG SRC="uncheck.jpg" ALT=""></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-top: 1pt; padding-bottom: 1pt; border-bottom: Black 1px solid; border-right: Black 1px solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt"><B>Fee paid previously with preliminary materials.</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 1pt; padding-bottom: 1pt; border-right: Black 1px solid; border-left: Black 1px solid">&nbsp;<IMG SRC="uncheck.jpg" ALT="" STYLE="width: 21px; height: 20px"></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-top: 1pt; padding-bottom: 1pt; border-bottom: Black 1px solid; border-right: Black 1px solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt"><B>Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2) and identify the filing for which the&nbsp;offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or&nbsp;Schedule and the date of its filing.</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 1pt; padding-bottom: 1pt; border-right: Black 1px solid; border-left: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left; padding-top: 1pt; padding-bottom: 1pt; border-bottom: Black 1px solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">(1)&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left; padding-top: 1pt; padding-bottom: 1pt; border-bottom: Black 1px solid; border-right: Black 1px solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Amount Previously Paid:</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 1pt; padding-bottom: 1pt; border-right: Black 1px solid; border-left: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left; padding-top: 1pt; padding-bottom: 1pt; border-bottom: Black 1px solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">(2)&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left; padding-top: 1pt; padding-bottom: 1pt; border-bottom: Black 1px solid; border-right: Black 1px solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Form, Schedule or Registration Statement No.:</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 1pt; padding-bottom: 1pt; border-right: Black 1px solid; border-left: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left; padding-top: 1pt; padding-bottom: 1pt; border-bottom: Black 1px solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left; padding-top: 1pt; padding-bottom: 1pt; border-bottom: Black 1px solid; border-right: Black 1px solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Filing Party:</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 1pt; padding-bottom: 1pt; border-bottom: Black 1px solid; border-left: Black 1px solid; border-right: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left; padding-top: 1pt; padding-bottom: 1pt; border-bottom: Black 1px solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">(4)&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left; padding-top: 1pt; padding-bottom: 1pt; border-bottom: Black 1px solid; border-right: Black 1px solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Date Filed:</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt"><IMG SRC="lfcx2x1.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt">3 Great Pasture Road</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt">Danbury, CT 06813</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30pt">203-825-6000</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 34pt Times New Roman, Times, Serif; margin: 0pt 0; padding: 10pt 30pt; background-color: #DCDDDE"><B>Notice of 2014 Annual Meeting of Shareholders and Proxy Statement</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,148,0)"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007049; padding-left: 30pt"><B>Thursday, March 27, 2014</B></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; padding-left: 30pt"><B>Matters to be voted on:</B></P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0pt 0; padding-left: 30pt"><B>&nbsp;</B></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 99%">
<TR STYLE="vertical-align: top; font-size: 9pt">
    <TD STYLE="width: 30pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 18pt; font-size: 9pt"><FONT STYLE="color: #007049">1.</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: justify">To elect seven (7) directors to serve for the ensuing year and until their successors are duly elected and qualified;</TD>
    <TD STYLE="width: 30pt; font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font-size: 9pt">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font-size: 9pt">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt"><FONT STYLE="color: #007049">2.</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: justify">To ratify the selection of the independent registered public accounting firm for fiscal 2014;</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font-size: 9pt">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font-size: 9pt">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt"><FONT STYLE="color: #007049">3.</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: justify">To amend the FuelCell Energy, Inc. Amended and Restated Section 2010 Equity Incentive Plan;</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font-size: 9pt">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font-size: 9pt">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt"><FONT STYLE="color: #007049">4.</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: justify">To amend the FuelCell Energy, Inc. Articles of Incorporation increasing its authorized common stock from 275,000,000 to 400,000,000 shares;</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font-size: 9pt">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font-size: 9pt">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt"><FONT STYLE="color: #007049">5.</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: justify">To vote, on an advisory basis, on the compensation of the Company&rsquo;s Named Executive Officers as set forth in the Executive Compensation section of this Proxy Statement; and</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font-size: 9pt">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font-size: 9pt">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt"><FONT STYLE="color: #007049">6.</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: justify">To transact such other business as may properly come before the meeting or any adjournment thereof.</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; padding-left: 30pt">Shareholders of record at the close of business on February
3, 2014 are entitled to vote at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; padding-left: 30pt">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; padding-left: 30pt"><B>INFORMATION REGARDING ADMISSION TO THE 2014 ANNUAL MEETING.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; padding-left: 30pt">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; padding-left: 30pt; padding-right: 30pt">All persons attending the 2014 Annual Meeting should follow
the advance registration instructions on page 37 of this proxy statement to obtain admission to the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; padding-left: 30pt">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; padding-left: 30pt; padding-right: 30pt"><B>Your attention is directed to the attached Proxy Statement.
If you do not expect to be present at the meeting, please vote your shares according to the instructions on your Notice of Internet
Availability of Proxy Materials (NOIA) or proxy card. Any proxy may be revoked by delivery of a proxy dated subsequent to the previous
submission. Shareholders of record who attend the annual meeting may vote in person even if they have previously delivered a signed
proxy.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; padding-left: 30pt">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; padding-left: 30pt"><B>February <FONT STYLE="color: #ED2790">[&nbsp;&nbsp;]</FONT>, 2014</B></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; padding-right: 30pt">By Order of the Board of Directors,</P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; padding-right: 30pt"><IMG SRC="lfcx2x2.jpg" ALT=""></P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; padding-right: 30pt"><B>Michael S. Bishop</B></P>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; padding-right: 30pt"><I>Corporate Secretary</I></P>




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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<IMG SRC="lfcx2x1.jpg" ALT=""></P>

<P STYLE="font: 35pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Fellow Shareholders:</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are pleased to invite you to attend
our Annual Meeting of Shareholders to be held on Thursday, March 27, 2014 at&nbsp;10:00 a.m. Eastern Standard Time, at the Hartford
Marriott Downtown, 200 Columbus Blvd, Hartford, Connecticut.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The formal Notice of Annual Meeting and
Proxy Statement fully describe the matters to be acted upon at the meeting and provide information about the Company that you should
consider when voting your shares. Shareholders of record as of the close of business on February 3, 2014 are entitled to vote.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of Directors recommends the approval
of the proposals being presented at the Annual Meeting of Shareholders as being in the best interest of the Company and its shareholders.
We encourage you to read the Proxy Statement and give these proposals your consideration.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is important that your shares are represented
and voted at the meeting. Whether or not you plan to attend the meeting, you can ensure that your shares are represented by casting
your vote following the instructions on page 5 of the Proxy Summary. Please follow the advance registration instructions on page
37 of the proxy statement if you plan on attending the meeting.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On behalf of FuelCell Energy&rsquo;s Board
of Directors, Leadership Team and other associates, I would like to thank you for your continued commitment in FuelCell Energy.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><B>February <FONT STYLE="color: #ED2790">[&nbsp;&nbsp;]</FONT>, 2014</B></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Sincerely,</P>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><IMG SRC="lfcx3x1.jpg" ALT=""><B>&nbsp;</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>John A. Rolls</B></P>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><I>Chairman of the Board</I></P>




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<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="toc"></A><B>Table of contents</B></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96%; font-size: 12pt"><A style="color:black" HREF="#lfca001"><B>PROXY SUMMARY</B></A></TD>
    <TD STYLE="width: 4%; font-size: 12pt; text-align: right"><A style="color:black" HREF="#lfca001"><B>5</B></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; border-bottom: rgb(115,116,119) 1px solid"><A style="color:black" HREF="#lfca002"><FONT STYLE="color: #007049"><B>PROXY STATEMENT</B></FONT></A></TD>
    <TD STYLE="font-size: 12pt; text-align: right; border-bottom: rgb(115,116,119) 1px solid"><A style="color:black" HREF="#lfca002"><B>7</B></A></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 14%; font-size: 12pt"><A style="color:black" HREF="#lfca003"><B>PROPOSAL&nbsp;1&nbsp;</B></A></TD>
    <TD STYLE="width: 82%; font-size: 12pt"><A style="color:black" HREF="#lfca003">Election of Directors</A></TD>
    <TD STYLE="width: 4%; font-size: 12pt; text-align: right"><A style="color:black" HREF="#lfca003">7</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96%; border-bottom: rgb(115,116,119) 1px solid"><A style="color:black" HREF="#lfca004"><FONT STYLE="color: #007049"><B>CORPORATE GOVERNANCE</B></FONT></A></TD>
    <TD STYLE="width: 4%; text-align: right; border-bottom: rgb(115,116,119) 1px solid"><A style="color:black" HREF="#lfca004"><B>9</B></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt"><A style="color:black" HREF="#lfca005">The Role of the Board and Board Leadership</A></TD>
    <TD STYLE="text-align: right"><A style="color:black" HREF="#lfca005">9</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt"><A style="color:black" HREF="#lfca006">Continuing Education and Self-Evaluation</A></TD>
    <TD STYLE="text-align: right"><A style="color:black" HREF="#lfca006">9</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt"><A style="color:black" HREF="#lfca007">Code of Ethics</A></TD>
    <TD STYLE="text-align: right"><A style="color:black" HREF="#lfca007">9</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt"><A style="color:black" HREF="#lfca008">Whistleblower Policy</A></TD>
    <TD STYLE="text-align: right"><A style="color:black" HREF="#lfca008">10</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt"><A style="color:black" HREF="#lfca009">Risk Oversight</A></TD>
    <TD STYLE="text-align: right"><A style="color:black" HREF="#lfca009">10</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt"><A style="color:black" HREF="#lfca010">Communicating with Directors</A></TD>
    <TD STYLE="text-align: right"><A style="color:black" HREF="#lfca010">10</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt"><A style="color:black" HREF="#lfca011">Board of Directors and Committees</A></TD>
    <TD STYLE="text-align: right"><A style="color:black" HREF="#lfca011">11</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt"><A style="color:black" HREF="#lfca012">Biographies of Executive Officers Who Are Not Directors</A></TD>
    <TD STYLE="text-align: right"><A style="color:black" HREF="#lfca012">14</A></TD></TR>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: rgb(115,116,119) 1px solid"><A style="color:black" HREF="#lfca013"><FONT STYLE="color: #007049"><B>EXECUTIVE COMPENSATION</B></FONT></A></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(115,116,119) 1px solid"><A style="color:black" HREF="#lfca013"><B>15</B></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt"><A style="color:black" HREF="#lfca014">Compensation Committee Report</A></TD>
    <TD STYLE="text-align: right"><A style="color:black" HREF="#lfca014">15</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt"><A style="color:black" HREF="#lfca015">Compensation Discussion and Analysis</A></TD>
    <TD STYLE="text-align: right"><A style="color:black" HREF="#lfca015">15</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt"><A style="color:black" HREF="#lfca016">Fiscal 2013 Summary Compensation Table</A></TD>
    <TD STYLE="text-align: right"><A style="color:black" HREF="#lfca016">21</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt"><A style="color:black" HREF="#lfca017">Fiscal 2013 Grants of Plan-based Awards Table</A></TD>
    <TD STYLE="text-align: right"><A style="color:black" HREF="#lfca017">22</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt"><A style="color:black" HREF="#lfca018">Grants of Plan-Based Awards</A></TD>
    <TD STYLE="text-align: right"><A style="color:black" HREF="#lfca018">22</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt"><A style="color:black" HREF="#lfca019">Fiscal 2013 Outstanding Equity Awards at Fiscal Year-End Table</A></TD>
    <TD STYLE="text-align: right"><A style="color:black" HREF="#lfca019">23</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt"><A style="color:black" HREF="#lfca020">Fiscal 2013 Option Exercises and Stock Vested Table</A></TD>
    <TD STYLE="text-align: right"><A style="color:black" HREF="#lfca020">24</A></TD></TR>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: rgb(115,116,119) 1px solid"><A style="color:black" HREF="#lfca021"><FONT STYLE="color: #007049"><B>DIRECTOR COMPENSATION</B></FONT></A></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(115,116,119) 1px solid"><A style="color:black" HREF="#lfca021"><B>27</B></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt"><A style="color:black" HREF="#lfca022">New Board Members</A></TD>
    <TD STYLE="text-align: right"><A style="color:black" HREF="#lfca022">27</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt"><A style="color:black" HREF="#lfca023">Annual Director Compensation</A></TD>
    <TD STYLE="text-align: right"><A style="color:black" HREF="#lfca023">27</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt"><A style="color:black" HREF="#lfca024">Directors Deferred Compensation Plan</A></TD>
    <TD STYLE="text-align: right"><A style="color:black" HREF="#lfca024">27</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt"><A style="color:black" HREF="#lfca025">Reimbursement of Expenses</A></TD>
    <TD STYLE="text-align: right"><A style="color:black" HREF="#lfca025">28</A></TD></TR>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: rgb(115,116,119) 1px solid"><A style="color:black" HREF="#lfca026"><FONT STYLE="color: #007049"><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</B></FONT></A></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(115,116,119) 1px solid"><A style="color:black" HREF="#lfca026"><B>29</B></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt"><A style="color:black" HREF="#lfca027">Section 16(a) Beneficial Ownership Reporting Compliance</A></TD>
    <TD STYLE="text-align: right"><A style="color:black" HREF="#lfca027">30</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt"><A style="color:black" HREF="#lfca028">Certain Relationships and Related Transactions</A></TD>
    <TD STYLE="text-align: right"><A style="color:black" HREF="#lfca028">30</A></TD></TR>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: rgb(115,116,119) 1px solid"><A style="color:black" HREF="#lfca029"><FONT STYLE="color: #007049"><B>EQUITY COMPENSATION PLAN AND WARRANT INFORMATION</B></FONT></A></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(115,116,119) 1px solid"><A style="color:black" HREF="#lfca029"><B>31</B></A></TD></TR>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: rgb(115,116,119) 1px solid"><A style="color:black" HREF="#lfca030"><FONT STYLE="color: #007049"><B>AUDIT AND FINANCE COMMITTEE REPORT</B></FONT></A></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(115,116,119) 1px solid"><A style="color:black" HREF="#lfca030"><B>31</B></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt"><A style="color:black" HREF="#lfca031">Independent Registered Public Accounting Firm Fees</A></TD>
    <TD STYLE="text-align: right"><A style="color:black" HREF="#lfca031">32</A></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; font-family: Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top; width: 14%; padding-left: 10pt; text-indent: -10pt"><A style="color:black" HREF="#lfca032"><B>PROPOSAL&nbsp;2&nbsp;</B></A></TD>
    <TD STYLE="vertical-align: bottom; width: 82%; padding-left: 10pt; text-indent: -10pt"><A style="color:black" HREF="#lfca032">Ratification of Selection of Independent Registered Public Accounting Firm</A></TD>
    <TD STYLE="vertical-align: bottom; width: 4%; padding-left: 10pt; text-align: right; text-indent: -10pt"><A style="color:black" HREF="#lfca032">32</A></TD></TR>

<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A style="color:black" HREF="#lfca033"><B>PROPOSAL&nbsp;3&nbsp;</B></A></TD>
    <TD STYLE="vertical-align: bottom"><A style="color:black" HREF="#lfca033">Amendment of the FuelCell Energy, Inc. Amended &amp; Restated 2010 Equity Incentive Plan</A></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-align: right; text-indent: -10pt"><A style="color:black" HREF="#lfca033">33</A></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 8pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#toc" STYLE="font-weight: bold">Back to Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 14%"><A style="color:black" HREF="#lfca034"><B>PROPOSAL&nbsp;4&nbsp;</B></A></TD>
    <TD STYLE="width: 82%"><A style="color:black" HREF="#lfca034">Amendment of the FuelCell Energy, Inc. Amended &amp; Restated Articles of Incorporation Increasing Its Authorized Common Stock From 275,000,000 Shares to 400,000,000 Shares</A></TD>
    <TD STYLE="width: 4%; text-align: right; vertical-align: bottom"><A style="color:black" HREF="#lfca034">34</A></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96%; padding-left: 10pt"><A style="color:black" HREF="#lfca035">Rights of Additional Authorized Shares</A></TD>
    <TD STYLE="width: 4%; text-align: right"><A style="color:black" HREF="#lfca035">35</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt"><A style="color:black" HREF="#lfca036">Potential Adverse Effects of Amendment</A></TD>
    <TD STYLE="text-align: right"><A style="color:black" HREF="#lfca036">35</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt"><A style="color:black" HREF="#lfca037">Effectiveness of Amendment and Vote Required</A></TD>
    <TD STYLE="text-align: right"><A style="color:black" HREF="#lfca037">35</A></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 14%"><A style="color:black" HREF="#lfca038"><B>PROPOSAL&nbsp;5&nbsp;</B></A></TD>
    <TD STYLE="width: 82%"><A style="color:black" HREF="#lfca038">Advisory Vote to Approve Executive Compensation</A></TD>
    <TD STYLE="width: 4%; text-align: right"><A style="color:black" HREF="#lfca038">35</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96%; border-bottom: rgb(115,116,119) 1px solid"><A style="color:black" HREF="#lfca039"><FONT STYLE="color: #007049"><B>ADDITIONAL INFORMATION AND OTHER MATTERS</B></FONT></A></TD>
    <TD STYLE="width: 4%; text-align: right; border-bottom: rgb(115,116,119) 1px solid"><A style="color:black" HREF="#lfca039"><B>36</B></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt"><A style="color:black" HREF="#lfca040">General</A></TD>
    <TD STYLE="text-align: right"><A style="color:black" HREF="#lfca040">36</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt"><A style="color:black" HREF="#lfca041">Shareholder Proposals for the 2015 Annual Meeting</A></TD>
    <TD STYLE="text-align: right"><A style="color:black" HREF="#lfca041">36</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt"><A style="color:black" HREF="#lfca042">Quorum and Vote Required</A></TD>
    <TD STYLE="text-align: right"><A style="color:black" HREF="#lfca042">36</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt"><A style="color:black" HREF="#lfca043">Voting by Proxy</A></TD>
    <TD STYLE="text-align: right"><A style="color:black" HREF="#lfca043">36</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt"><A style="color:black" HREF="#lfca044">Annual Report and Form 10-K</A></TD>
    <TD STYLE="text-align: right"><A style="color:black" HREF="#lfca044">37</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt"><A style="color:black" HREF="#lfca045">Other Matters</A></TD>
    <TD STYLE="text-align: right"><A style="color:black" HREF="#lfca045">37</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt"><A style="color:black" HREF="#lfca046">Information About Advance Registration for Attending the Annual Meeting</A></TD>
    <TD STYLE="text-align: right"><A style="color:black" HREF="#lfca046">37</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A style="color:black" HREF="#lfca047"><B>ANNEX&nbsp;A&nbsp;</B>-&nbsp;FuelCell Energy, Inc. Amended &amp; Restated 2010 Equity Incentive Plan</A></TD>
    <TD STYLE="text-align: right"><A style="color:black" HREF="#lfca047">38</A></TD></TR>
</TABLE>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 8pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#toc" STYLE="font-weight: bold">Back to Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<DIV STYLE="border: rgb(0,112,73) 1px solid; float: left; width: 99%; padding: 5pt">

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="lfca001"></A><B>Proxy Summary</B></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This summary highlights information contained elsewhere in
this proxy statement. This summary does not contain all of the information that you should consider, and you should read the entire
proxy statement carefully before voting. Page references are supplied to help you find further information within this proxy statement.</I></P>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(0,112,73)"><B>Eligibility to Vote (page 7)</B></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You can vote if you were a shareholder of record at the close
of business on February 3, 2014.</P>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(0,112,73)"><B>How to Cast Your Vote</B></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You can vote by any of the following methods until 11:59 p.m.
(Eastern Standard Time) on March 26, 2014:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 99%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><FONT STYLE="color: rgb(0,112,73)">&bull;</FONT></TD><TD STYLE="text-align: justify">Vote by internet at <FONT STYLE="color: rgb(0,112,73)">www.proxyvote.com.
                                                          </FONT>Have your 12-Digit Control Number from your proxy card or notice
                                                          when you access the web site and follow the simple instructions;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 99%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><FONT STYLE="color: rgb(0,112,73)"><B>&bull;</B></FONT></TD><TD STYLE="text-align: justify">Vote by telephone at 1-800-690-6903. Have your 12-Digit
Control Number from your proxy card or notice when you call and follow the simple instructions or</TD>
</TR></TABLE>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(0,112,73)"><B>Meeting Attendance</B></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Meeting attendance requires advance registration. Please contact
the office of the corporate secretary at corporatesecretary@fce.com to request an admission ticket. If you do not have an admission
ticket, you must present proof of ownership in order to be admitted to the meeting.</P>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(0,112,73)"><B>Company Profile</B></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Direct FuelCell<SUP>&reg;</SUP> power plants
are generating ultra-clean, efficient and reliable power at more than 50 locations worldwide. With more than 300&nbsp;megawatts
of power generation capacity installed or in backlog, FuelCell Energy is a global leader in providing ultra-clean baseload distributed
generation to utilities, industrial operations, universities, municipal water treatment facilities, government installations and
other customers around the world. The Company&rsquo;s power plants have generated more than 2 billion kilowatt hours of ultra-clean
power using a variety of fuels including renewable biogas from wastewater treatment and food processing, as well as clean natural
gas. For more information please visit our website at <I>www.fuelcellenergy.com</I></P>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(0,112,73)"><B>Corporate Governance (page 9)</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 99%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><FONT STYLE="color: rgb(0,112,73)"><FONT STYLE="color: rgb(0,112,73)"><B>&bull;</B></FONT></FONT></TD><TD STYLE="text-align: justify">The Role of the Board and Board Leadership</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 99%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><FONT STYLE="color: rgb(0,112,73)"><B>&bull;</B></FONT></TD><TD STYLE="text-align: justify">Board Leadership Structure</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 99%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><FONT STYLE="color: rgb(0,112,73)"><B>&bull;</B></FONT></TD><TD STYLE="text-align: justify">Continuing Education and Self-Evaluation</TD>
</TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 99%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><FONT STYLE="color: rgb(0,112,73)"><B>&bull;</B></FONT></TD><TD STYLE="text-align: justify">Code of Ethics</TD>
</TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 99%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><FONT STYLE="color: rgb(0,112,73)"><B>&bull;</B></FONT></TD><TD STYLE="text-align: justify">Whistleblower Policy</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 99%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><FONT STYLE="color: rgb(0,112,73)"><B>&bull;</B></FONT></TD><TD STYLE="text-align: justify">Risk Oversight</TD>
</TR></TABLE>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(0,112,73)"><B>Board Nominees &amp; Committees of the Board (pages 7 - 13)</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 99%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><FONT STYLE="color: rgb(0,112,73)"><B>&bull;</B></FONT></TD><TD STYLE="text-align: justify">Director Qualifications and Biographies</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 99%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><FONT STYLE="color: rgb(0,112,73)"><B>&bull;</B></FONT></TD><TD STYLE="text-align: justify">Criteria for Board Membership</TD>
</TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 99%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><FONT STYLE="color: rgb(0,112,73)"><B>&bull;</B></FONT></TD><TD STYLE="text-align: justify">Director Independence</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 99%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><FONT STYLE="color: rgb(0,112,73)"><B>&bull;</B></FONT></TD><TD STYLE="text-align: justify">Committees and Meeting Attendance</TD>
</TR></TABLE>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(0,112,73)"><B>Named Executive Officers (&ldquo;NEOs&rdquo;) (pages 8 &amp;
14)</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; width: 15%; vertical-align: top; border-bottom: Black 2px solid; padding-left: 2pt"><B>Name</B></TD>
    <TD STYLE="width: 3%; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; width: 5%; vertical-align: top; border-bottom: Black 2px solid"><B>Age</B></TD>
    <TD STYLE="width: 3%; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; width: 29%; vertical-align: top; border-bottom: Black 2px solid"><B>Occupation</B></TD>
    <TD STYLE="width: 3%; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; width: 7%; vertical-align: top; border-bottom: Black 2px solid"><B>Since</B></TD>
    <TD STYLE="width: 3%; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; width: 29%; vertical-align: top; border-bottom: Black 2px solid"><B>Previous Position at FCE</B></TD>
    <TD STYLE="width: 3%; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; width: 0%; border-bottom: Black 2px solid; vertical-align: top; padding-right: 2pt"><B>Hired</B></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; background-color: rgb(231,231,232)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; padding-left: 2pt">Arthur A. Bottone</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">53</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">President and Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">2011</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">Senior Vice President and Chief Commercial Officer</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">2010</TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; padding-left: 2pt">Michael S. Bishop</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">46</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">Senior Vice President, Chief
    Financial Officer, Corporate Secretary, Treasurer</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">2011</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">Vice President, Corporate Controller</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">2003</TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; background-color: rgb(231,231,232)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; border-bottom: Black 2px solid; padding-left: 2pt">Anthony F. Rauseo</TD>
    <TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; border-bottom: Black 2px solid">54</TD>
    <TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; border-bottom: Black 2px solid">Chief Operating Officer</TD>
    <TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; border-bottom: Black 2px solid">2010</TD>
    <TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; border-bottom: Black 2px solid">Vice President of Engineering and Chief Engineer</TD>
    <TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; border-bottom: Black 2px solid">2005</TD></TR>
</TABLE>
<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(0,112,73)"><B>2013 Executive Compensation (page 15)</B></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Forms of compensation for Executives:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 99%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><FONT STYLE="color: rgb(0,112,73)"><B>&bull;</B></FONT></TD><TD STYLE="text-align: justify">Cash &amp; equity; represented by: base salary, annual
incentive awards, and long-term incentive compensation.</TD>
</TR></TABLE>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; font: 9pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; width: 96%"><B>FUELCELL ENERGY, INC.</B>&nbsp;-&nbsp;<I>Notice of Annual Meeting of&nbsp;Shareholders</I></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; width: 4%"><B>5</B></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 8pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#toc" STYLE="font-weight: bold">Back to Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<DIV STYLE="border: rgb(0,112,73) 1px solid; float: left;  width: 99%;padding: 5pt">

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(0,112,73)"><B>2013 Executive Total Compensation Mix for NEOs (page 15)</B></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 99%; border: rgb(0,112,73) 1px solid">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center"><B>CEO COMPENSATION MIX</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center"><B>OTHER NEO COMPENSATION MIX</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 46%; text-align: center"><IMG SRC="lfcx7x1.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 45%; text-align: center"><IMG SRC="lfcx7x2.jpg" ALT=""></TD></TR>
</TABLE>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(0,112,73)"><B>2013 Executive Compensation Summary for NEOs (page 21)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(0,112,73)">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="width: 47%; text-align: left; font: 9pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; padding-left: 2pt"><FONT STYLE="font-size: 9pt"><B>Name
    and Principal Position</B></FONT></TD>
    <TD NOWRAP STYLE="width: 3%; text-align: center; font: 9pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; text-align: right; font: 9pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">&nbsp;
    <B>Salary</B><BR>
    &nbsp;<B>($)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 3%; text-align: center; font: 9pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; text-align: right; font: 9pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt"><B>Stock</B><BR>
    &nbsp;<B>Awards</B><BR>
    &nbsp;<B>($)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 3%; text-align: center; font: 9pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 15%; text-align: right; font: 9pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt"><B>Non-Equity
    Incentive</B><BR>
    &nbsp;<B>Plan Compensation</B><BR>
    &nbsp;<B>($)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 3%; text-align: center; font: 9pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 10%; text-align: right; font: 9pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt"><B>All
    Other</B><BR>
    &nbsp;<B>Compensation</B><BR>
    &nbsp;<B>($)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 3%; text-align: center; font: 9pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; text-align: right; font: 9pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; padding-right: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;
    <B>Total</B><BR>
    &nbsp;<B>($)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; background-color: rgb(231,231,232)">
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; padding-left: 2pt"><FONT STYLE="font-size: 9pt">Arthur A. Bottone</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">386,355</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">360,000</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">247,212</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">1,952</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; padding-right: 2pt"><FONT STYLE="font-size: 9pt">995,519</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; padding-left: 2pt"><FONT STYLE="font-size: 9pt">Michael S. Bishop</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">249,714</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">164,400</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">89,670</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">2,508</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; padding-right: 2pt"><FONT STYLE="font-size: 9pt">506,292</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; background-color: rgb(231,231,232)">
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; padding-left: 2pt"><FONT STYLE="font-size: 9pt">Anthony
    F. Rauseo</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">287,310</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">209,000</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">101,213</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">2,710</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; padding-right: 2pt"><FONT STYLE="font-size: 9pt">600,233</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(0,112,73)"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(0,112,73)"><B>2013 Director Compensation (page 27)</B></P>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(0,112,73)">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(0,112,73)"><B>Auditors (page 32)</B></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a matter of good corporate governance, we are asking our
shareholders to ratify the selection of KPMG LLP as our independent registered public accounting firm for 2014.</P>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(0,112,73)"><B>Voting Matters (page 1)</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="width: 3%; text-align: left; vertical-align: top; border-bottom: Black 2px solid; font-size: 9pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; width: 57%; vertical-align: top; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 2px solid; font-size: 9pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif; width: 23%; border-bottom: Black 2px solid; vertical-align: top"><FONT STYLE="font-size: 9pt"><B>Management</B><BR>
    <B>Recommendation</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: Black 2px solid; font-size: 9pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif; width: 14%; border-bottom: Black 2px solid; vertical-align: top; padding-right: 2pt"><FONT STYLE="font-size: 9pt"><B>Page
    Reference</B><BR>
    <B>(for more detail)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; background-color: rgb(231,231,232)">
    <TD STYLE="text-align: left; vertical-align: top; font-size: 9pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">1.</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 9pt">To
    elect (7) directors to serve for the ensuing year and until their successors are duly elected and qualified</FONT></TD>
    <TD STYLE="font-size: 9pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-size: 9pt">FOR
    each Director Nominee</FONT></TD>
    <TD STYLE="font-size: 9pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 2pt"><FONT STYLE="font-size: 9pt">7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top; font-size: 9pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">2.</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 9pt">To
    ratify the selection of the independent registered public accounting firm for fiscal 2014</FONT></TD>
    <TD STYLE="font-size: 9pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-size: 9pt">FOR</FONT></TD>
    <TD STYLE="font-size: 9pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 2pt"><FONT STYLE="font-size: 9pt">32</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; background-color: rgb(231,231,232)">
    <TD STYLE="text-align: left; vertical-align: top; font-size: 9pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">3.</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 9pt">To
    amend the FuelCell Energy, Inc. Amended and Restated Section 2010 Equity Incentive Plan;</FONT></TD>
    <TD STYLE="font-size: 9pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-size: 9pt">FOR</FONT></TD>
    <TD STYLE="font-size: 9pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 2pt"><FONT STYLE="font-size: 9pt">33</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top; font-size: 9pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">4.</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-size: 9pt">To
    amend the FuelCell Energy, Inc. Articles of Incorporation increasing its authorized common stock from 275,000,000 to 400,000,000
    shares; and</FONT></TD>
    <TD STYLE="font-size: 9pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-size: 9pt">FOR</FONT></TD>
    <TD STYLE="font-size: 9pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 2pt"><FONT STYLE="font-size: 9pt">34</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; background-color: rgb(231,231,232)">
    <TD STYLE="text-align: left; vertical-align: top; border-bottom: Black 2px solid; font-size: 9pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt">5.</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">To
    vote, on an advisory basis, on the compensation of the Company&rsquo;s Named Executive Officers as set forth in the Executive
    Compensation section of this Proxy Statement.</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; font-size: 9pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; vertical-align: top"><FONT STYLE="font-size: 9pt">FOR</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; font-size: 9pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; vertical-align: top; padding-right: 2pt"><FONT STYLE="font-size: 9pt">35</FONT></TD></TR>
</TABLE>

</DIV>

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



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; font: 9pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">

    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; width: 96%"><B>FUELCELL ENERGY, INC.</B>&nbsp;-&nbsp;<I>Notice of Annual Meeting of&nbsp;Shareholders</I></TD>
    <TD STYLE="width: 4%; text-align: right"><B>6</B></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 8pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#toc" STYLE="font-weight: bold">Back to Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(0,112,73)"><A NAME="lfca002"></A><B>PROXY STATEMENT</B></P>

<P STYLE="font: 30pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Proxy Statement is furnished to
the shareholders of FuelCell Energy, Inc. (the &ldquo;<B>Company</B>&rdquo;) in connection with the solicitation of proxies
by the Board of Directors of the Company to be voted at the 2014 Annual Meeting of Shareholders (the &ldquo;<B>Annual
Meeting</B>&rdquo;) and at any adjournment thereof. The Annual Meeting will be held at the Hartford Marriott Downtown, 200
Columbus Blvd, Hartford, Connecticut on Thursday, March 27, 2014 at 10:00 a.m. Eastern Standard Time. The Company is a
Delaware corporation. The Board of Directors has set the close of business on February 3, 2014 as the record date for the
determination of stockholders of the Company&rsquo;s common stock, par value $0.0001 per share, who are entitled to notice of
and to vote at the Annual Meeting. As of February 3, 2014 there were <B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] </B>shares of common stock outstanding
and entitled to vote on all matters at the Annual Meeting. Holders of common stock outstanding at the close of business on
the record date will be entitled to one vote for each share held by them on the record date. &nbsp;</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The approximate date on which this Proxy
Statement and the accompanying proxy card are first being sent or given to shareholders is February 14, 2014. &nbsp;</P>

<P STYLE="font: 30pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 22pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 99%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 125pt; text-align: left"><A NAME="lfca003"></A><FONT STYLE="color: rgb(0,112,73)"><B>Proposal 1</B></FONT></TD>
    <TD STYLE="width: 5pt">&nbsp;</TD><TD STYLE="text-align: justify">Election of Directors</TD>
</TR></TABLE>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Seven directors are to be elected at
the Annual Meeting, each to hold office until the next annual meeting of shareholders and until a successor is elected and
qualified. It is the intention of the persons named in the enclosed form of proxy to vote, if authorized, for the election of
the seven nominees named below as directors. All of the nominees are present directors of the Company. If any nominee
declines or is unable to serve as a director (which is not anticipated), the persons named as proxies reserve full discretion
to vote for any other person who may be nominated.</P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: rgb(0,112,73) 2px solid"><B>Director Qualifications and Biographies</B></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In nominating individuals to become members of the Company&rsquo;s
Board of Directors, the Nominating and Corporate Governance Committee strives to achieve Board participation that represents a
diverse mix of skills, qualifications, experience, perspectives, talents, backgrounds and education that will assist the Board
of Directors in fulfilling its responsibilities, oversee management&rsquo;s execution of strategic objectives, and represent the
interests of all of the Company&rsquo;s shareholders.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No less than two-thirds of the Company&rsquo;s Board of Directors
are considered Independent Directors as such term is defined in Nasdaq Rule 5605(a)(2).</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further information about the Company&rsquo;s corporate governance
practices, the responsibilities and functioning of the Board and its committees, director compensation and related party transactions
is found throughout this proxy statement.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(0,112,73)"><B>The Board of Directors recommends that Shareholders vote
&ldquo;FOR&rdquo; the proposal to elect each of the seven nominees listed below as directors of the company.</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; font: 9pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; width: 96%"><B>FUELCELL ENERGY, INC.</B>&nbsp;-&nbsp;<I>Notice of Annual Meeting of&nbsp;Shareholders</I></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; width: 4%"><B>7</B></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 8pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#toc" STYLE="font-weight: bold">Back to Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Following are the names and ages of each nominee for election
as a director, the principal occupation of each, the year in which first elected as a director of the Company, the business experience
of each for at least the past five years and certain other information concerning each of the nominees.</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(0,112,73); border-bottom: Black 1px solid"><B><I>Arthur A. Bottone</I></B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Principal Occupation: President and Chief Executive Officer<BR>
Director since 2011<BR>
Age 53</B></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Bottone joined FuelCell Energy in February 2010 as Senior
Vice President and Chief Commercial Officer and was promoted to President and Chief Executive Officer in February 2011. Mr. Bottone&rsquo;s
focus is to accelerate and diversify global revenue growth to achieve profitability by capitalizing on heightened global demand
for clean and renewable energy. Mr. Bottone has broad experience in the power generation field including traditional central generation
and alternative energy. Prior to joining FuelCell Energy, Mr. Bottone spent 25 years at Ingersoll Rand, a diversified global industrial
company, including as President of the Energy Systems business. Mr. Bottone&rsquo;s qualifications include extensive global business
development, technology commercialization, power generation project development as well as acquisition and integration experience.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Bottone received an undergraduate degree in Mechanical Engineering
from Georgia Institute of Technology in 1983, and received a Certificate of Professional Development from The Wharton School,
University of Pennsylvania in 2004.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(0,112,73); border-bottom: Black 1px solid"><B><I>Richard A. Bromley</I></B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Principal Occupation: Retired Vice President
- Law and&nbsp;Government for AT&amp;T<BR>
 Director since 2007<BR>
 Age 79</B></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Bromley retired as Vice President - Law and Government Affairs
at AT&amp;T. During his 38-year career at AT&amp;T, he served as an attorney for Pacific Northwest Bell, Western Electric, Bell
Labs, and as a general attorney in AT&amp;T&rsquo;s New York headquarters. As VP-Law and Government Affairs, Mr. Bromley was responsible
for all of AT&amp;T&rsquo;s legal, regulatory and governmental matters west of the Mississippi. He is a member of the bar in California,
New York, Washington, and Oregon, as well as the United States Supreme Court. He is currently engaged in the general practice
of law in California. Mr. Bromley brings executive leadership experience and valuable perspective due to his background in law
and governmental affairs.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(0,112,73)">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(0,112,73); border-bottom: Black 1px solid"><B><I>James Herbert England</I></B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Principal Occupation: Chief Executive
Officer of Stahlman-England Irrigation Inc. <BR>
Director since 2008 <BR>
Age 67</B></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. England is a Corporate Director and has been the CEO of
Stahlman-England Irrigation, Inc. since 2000. Prior to that, Mr. England spent 4&nbsp;years as Chairman, President and CEO of
Sweet Ripe Drinks, Ltd., a fruit beverage company. Prior to that, he spent 18 years at John Labatt Ltd., a $5 billon public company,
and served as the company&rsquo;s CFO from 1990-1993. Mr. England started his career with Arthur Andersen &amp; Co. in Toronto
after serving in the Canadian infantry. Mr. England is a director of Enbridge Inc., Enbridge Energy Management, LLC, Enbridge
Energy Company, Inc., Midcoast Holdings LLC and is a past member of the board of directors of John Labatt Ltd., Canada Malting
Co., Ltd., and the St. Clair Paint and Wallpaper Corporation. Among other qualifications, Mr. England has executive leadership
experience including an in-depth understanding of corporate and international finance. He also has a deep insight into the energy
industry and the needs, challenges and global opportunities of the Company in particular.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(0,112,73); border-bottom: Black 1px solid"><B><I>James D. Gerson</I></B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Principal Occupation: Private Investor<BR>
 Director since 1992
<BR>
Age 70</B></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Gerson is a member of the Board of several public and private
companies including I-Light Technologies, and Localvox Media, Inc. He is also Chairman of the Board of Evercel, Inc., a holding
company. Prior to its 2007 merger with Schneider Electric, Mr. Gerson served as a Director of American Power Conversion Corp.
Mr. Gerson was previously a Vice President of Fahnestock &amp; Co., Inc. (now Oppenheimer &amp; Co.), where he held a variety
of positions in corporate finance, research and portfolio management. Among other qualifications, Mr. Gerson brings senior leadership
experience, including a substantial understanding of capital markets and asset management, and an understanding of technology
industries.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(0,112,73); border-bottom: Black 1px solid"><B><I>William A. Lawson</I></B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Principal Occupation: Retired Chairman of the Board of Newcor,
Inc. <BR>
Director since 1988 <BR>
Age 80</B></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Lawson was the Chairman of the Board of Newcor, which designed
and manufactured products principally for the automotive, heavy-duty, agricultural and industrial markets and focused on two core
competencies: precision machined components and molded rubber and plastic products. Newcor operated six companies with 1,000 employees
and now operates as part of EXX, Inc. Mr. Lawson was also President of W.A. Lawson Associates, an industrial and financial consulting
firm. Among other qualifications, Mr. Lawson has executive leadership experience as a chairman of a manufacturing company. He
also has financial expertise and a broad understanding of industrial technology.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(0,112,73); border-bottom: Black 1px solid"><B><I>John A. Rolls</I></B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Principal Occupation: Managing Partner Core Capital Group,
a&nbsp;private investment partnership <BR>
Director since 2000 <BR>
Lead independent director from 2007- 2011 <BR>
Chairman of the Board of Directors
since 2011 <BR>
Age 72</B></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Rolls was appointed Chairman of
the Board of Directors in March&nbsp;2011. He is Managing Partner of Core Capital Group and Principal of Cove Harbor Partners
LLC., both of which are private investment partnerships. Previously, he was President and Chief Executive Officer Deutsche
Bank North America, Executive Vice President and Chief Financial Officer of United Technologies, Senior Vice President and
Chief Financial Officer RCA, Treasurer, Monsanto Company and CFO Monsanto Europe, Brussels Belgium. Among other
qualifications, Mr. Rolls has executive leadership experience as President and Chief Executive Officer of a leading global
investment bank and Executive Vice President and Chief Financial Officer of a major public company. Mr. Rolls also has
extensive financial expertise and a broad understanding of advanced technologies.</P>

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

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    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; width: 4%"><B>8</B></TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(0,112,73); border-bottom: Black 1px solid"><B><I>Togo Dennis West, Jr.</I></B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Principal Occupation: Chairman of Noblis, Inc. and&nbsp;the&nbsp;TLI&nbsp;Leadership
Group <BR>
Director since 2008 <BR>
Age 71</B></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. West is Chairman of TLI
Leadership Group, a strategic consulting firm, since 2006 and Chairman of Noblis, Inc., a nonprofit science, technology and
strategy organization, since 2001. He serves on the boards of Krispy Kreme Doughnuts, Inc. and Bristol-Myers Squibb. He has
practiced law as managing partner in the New York law firm of Patterson Belknap Webb and Tyler and was of counsel to the D.C.
based law firm of Covington &amp; Burling. Mr. West also served as General Counsel to the Departments of Defense and the
Navy. He was Senior Vice President for Government Affairs with Northrop Corporation. Mr. West served as Secretary of the
United States Department of Veterans Affairs from 1998 to 2000 and Secretary of the United States Army from 1993 to 1998.
Among other qualifications, Mr. West has executive leadership experience in the private sector and at the highest levels of
government. He brings an extensive background in the military, government, and legal profession to the Company.</P>

<P STYLE="font: 30pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(0,112,73)"><A NAME="lfca004"></A><B>CORPORATE GOVERNANCE</B></P>

<P STYLE="font: 30pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="lfca005"></A><B>The Role of the Board and Board Leadership</B></P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">FuelCell&rsquo;s Board of Directors has adopted Corporate Governance
Principles to provide the framework for achieving effective corporate governance and best practices. The Company is committed
to providing the highest standards of business conduct and integrity in its relationships with employees, customers, suppliers
and shareholders. Business affairs and assets of the Corporation are governed by and under the direction of the Board of Directors.
The Corporate Governance Principles can be found on the Company&rsquo;s website at <I>www.fuelcellenergy.com</I>.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2011, the Board separated the roles of CEO and Chairman,
appointing an independent director as Chairman of the Board of Directors. The Board believes that this leadership structure adheres
to the Company&rsquo;s commitment to monitor and oversee the compliance with applicable laws and regulations and its commitment
to maintaining sound corporate governance principles and best practices.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The general supervision of the affairs of the Corporation is
the responsibility of Company&rsquo;s President and CEO. In addition, the President and CEO is accountable for achieving the Company&rsquo;s
strategic goals. The independent Chairman serves as the principal representative of the Board of Directors and as such, presides
at all Board and committee meetings.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s Board and committees of the Board regularly
engage with senior management to ensure management accountability, review management succession planning, approve the Company&rsquo;s
strategy and mission, execute the Company&rsquo;s financial and strategic goals, oversee risk management, and review and approve
executive compensation.</P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="lfca006"></A><B>Continuing Education and Self-Evaluation</B></P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Company&rsquo;s continuous focus on enhancing
its corporate governance practices, the Board and management are regularly updated on corporate governance developments, strategies,
operations and external trends and other issues that may affect the Company. The Board participates in a board education program
which provides continuing education relevant to director&rsquo;s roles and responsibilities.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board and each of its committees conduct annual self-assessments,
the results of which are reviewed by the Nominating and Corporate Governance Committee and the full Board in an effort to improve
Board and committee performance and effectiveness.</P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="lfca007"></A><B>Code of Ethics</B></P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">FuelCell Energy, Inc. is committed to high standards of ethical,
moral and legal business conduct and to the timely identification and resolution of all such issues that may adversely affect
the Company, its clients, employees or shareholders.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has adopted a Code of
Ethics (the &ldquo;<B>Code</B>&rdquo;), which applies to the Board of Directors, Named Executive Officers,
Vice&nbsp;Presidents and other members of management. The Code provides a statement of certain fundamental principles and key
policies and procedures that govern the conduct of the Company&rsquo;s business. The Code covers all major areas of
professional conduct, including employment policies, conflicts of interest, intellectual property and the protection of
confidential information, as well as strict adherence to all laws and regulations applicable to the conduct of our business.
As required by the Sarbanes-Oxley Act of 2002, our Audit &amp; Finance Committee has procedures to receive, retain and treat
complaints received regarding our accounting, internal accounting controls or auditing matters and to allow for the
confidential and anonymous submission by employees of concerns regarding questionable accounting or auditing matters. The
Code can be found on the Company&rsquo;s website at <I>www.fuelcellenergy.com</I>.</P>

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

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    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; width: 96%"><B>FUELCELL ENERGY, INC.</B>&nbsp;-&nbsp;<I>Notice of Annual Meeting of&nbsp;Shareholders</I></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; width: 4%"><B>9</B></TD></TR>
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<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="lfca008"></A><B>Whistleblower Policy</B></P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s Whistleblower Policy covers reporting of
suspected misconduct, illegal activities or fraud, including questionable accounting, financial control and auditing matters,
federal securities violations or other violations of federal and state laws or of the Company&rsquo;s Code of Ethics.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have established a written
protocol with a third party vendor which ensures that all complaints received will be reported directly to the designated
representative of the Audit &amp; Finance Committee of the Board of Directors without going through the Company&rsquo;s
management channels.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The third party vendor shall offer anonymity to whistleblowers
and assure those who identify themselves that their confidentiality will be maintained, to the extent possible, within the limits
proscribed by law. No attempt will be made to identify a whistleblower who requests anonymity.</P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="lfca009"></A><B>Risk Oversight</B></P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Board has overall responsibility for the oversight of risk
management at our Company. Day to day risk management is the responsibility of management, which has implemented processes to
identify, assess, manage and monitor risks that face our Company. Our Board, either as a whole or through its Committees, regularly
discusses with management our major risk exposures, their potential impact on our Company, and the steps we take to monitor and
control such exposures.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While our Board has general oversight
responsibility for risk at our Company, the Board has delegated some of its risk oversight duties to the various Board
Committees. The Nominating and Corporate Governance Committee oversees risks related to corporate governance. The Government
Affairs Committee considers regulatory and policy risk. The Audit and Finance Committee is responsible for generally
reviewing and discussing the Company&rsquo;s policies and guidelines with respect to risk assessment and risk management. It
focuses on the management of financial risk exposure and oversees financial statement compliance and control environment risk
exposure overseeing policies with respect to financial risk assessment. The Audit and Finance Committee also considers
financial risk management including, risks relating to liquidity, access to capital and macroeconomic trends and risks. The
Compensation Committee assists our Board in overseeing the management of risks arising from our compensation policies, and
programs related to assessment, selection, succession planning, training and development of executives of the Company. Each
of the Board Committees reviews these risks and then discusses the process and results with the full Board.</P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="lfca010"></A><B>Communicating with Directors</B></P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has established a process by which shareholders
or other interested parties can communicate with the Company&rsquo;s Board of Directors or any of the Company&rsquo;s individual
directors, by sending their communications to the following address:</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Board of Directors</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B>of FuelCell Energy, Inc.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o Corporate
Secretary</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3 Great Pasture Road</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Danbury, CT 06813</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Alternatively, communications can be submitted
electronically via the Company website at<I> http://fcel.client.shareholder.com/contactBoard.cfm</I>.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Stockholder communications received by the Company&rsquo;s Corporate
Secretary will be delivered to one or more members of the Board of Directors or, in the case of communications sent to an individual
director, to such director.</P>

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

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    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; width: 96%"><B>FUELCELL ENERGY, INC.</B>&nbsp;-&nbsp;<I>Notice of Annual Meeting of&nbsp;Shareholders</I></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; width: 4%"><B>10</B></TD></TR>
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<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="lfca011"></A><B>Board of Directors and Committees</B></P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: rgb(0,112,73) 2px solid; text-align: justify"><B>Director Attendance at the Annual Meeting</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All directors attended the Company&rsquo;s 2013 annual meeting.</P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: rgb(0,112,73) 2px solid; text-align: justify"><B>Independent Directors</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of Directors has determined that six of the
seven Board members are independent directors, in accordance with the director independence standards of the NASDAQ Stock
Market, including NASDAQ Rule 5605(a)(2): Richard A. Bromley, James Herbert England, James D. Gerson, William A. Lawson, John
A. Rolls and Secretary Togo Dennis West Jr. The independent directors meet regularly in executive session.</P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: rgb(0,112,73) 2px solid; text-align: justify"><B>Board Committees</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of Directors has five standing committees: the Audit
and Finance Committee, the Compensation Committee, the Executive Committee, the Government Affairs Committee and the Nominating
and Corporate Governance Committee. These committees assist the Board of Directors to perform its responsibilities and make informed
decisions.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR>
    <TD STYLE="text-align: left; width: 37%; padding-left: 12pt; text-indent: -10pt; vertical-align: bottom; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt"><B>Director</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; text-align: right; border-bottom: Black 2px solid"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt"><B>Audit &amp;<BR>
 Finance</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; text-align: right; border-bottom: Black 2px solid"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt"><B>Compensation</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; text-align: right; border-bottom: Black 2px solid"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt"><B>Executive</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; text-align: right; border-bottom: Black 2px solid"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt"><B>Government<BR>
 Affairs<BR>
 Committee</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; text-align: right; border-bottom: Black 2px solid"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; text-align: right; border-bottom: Black 2px solid; padding-right: 2pt"><FONT STYLE="font-size: 9pt"><B>Nominating<BR>
 and Corporate<BR>

    Governance</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(231,231,232)">
    <TD STYLE="padding-left: 12pt; text-indent: -10pt; text-align: left"><FONT STYLE="font-size: 9pt">Arthur A. Bottone</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">Chair</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">X</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -10pt; text-align: left"><FONT STYLE="font-size: 9pt">Richard A. Bromley</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">X</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">Chair</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(231,231,232)">
    <TD STYLE="padding-left: 12pt; text-indent: -10pt; text-align: left"><FONT STYLE="font-size: 9pt">J. H. England</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">X</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">Chair</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">X</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -10pt; text-align: left"><FONT STYLE="font-size: 9pt">James D. Gerson</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">Chair</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">X</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 9pt">X</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(231,231,232)">
    <TD STYLE="padding-left: 12pt; text-indent: -10pt; text-align: left"><FONT STYLE="font-size: 9pt">William A. Lawson</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">X</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 9pt">Chair</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -10pt; text-align: left"><FONT STYLE="font-size: 9pt">John A. Rolls (Chairman of the Board of Directors)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">X</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">X</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 9pt">X</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(231,231,232)">
    <TD STYLE="padding-left: 12pt; text-indent: -10pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">Togo Dennis West, Jr.</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">X</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">X</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; padding-right: 2pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: rgb(0,112,73) 2px solid; text-align: justify"><B>Audit and Finance Committee</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Audit and Finance Committee is comprised of Messrs. Gerson
(Chairman), England, and Rolls. The principal duties of the Audit and Finance Committee are to oversee (i) management&rsquo;s conduct
of the Company&rsquo;s financial reporting process, including reviewing the financial reports and other financial information provided
by the Company, and reviewing the Company&rsquo;s systems of internal accounting and financial controls, (ii) the Company&rsquo;s
independent auditors&rsquo; qualifications and independence and the audit and non-audit services provided to the Company and (iii)
the performance of the Company&rsquo;s independent auditors. The Audit and Finance Committee assists the Board in providing oversight
as to the Company&rsquo;s financial and related activities, including capital market transactions.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each of the Audit and Finance Committee members satisfies the
definition of independent director and is financially literate as established in the NASDAQ Listing Standards. In accordance with
Section 407 of the Sarbanes-Oxley Act of 2002, the Board has designated Mr. England as the Audit and Finance Committee&rsquo;s
&ldquo;Audit Committee Financial Expert.&rdquo;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Audit and Finance Committee held ten meetings during fiscal
2013. The Audit and Finance Committee has a charter, a copy of which is available on the Company&rsquo;s website at <I>www.fuelcellenergy.com</I>.
The Audit and Finance Committee&rsquo;s report appears on page 31 of this proxy statement.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; font: 9pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 96%; text-align: right"><FONT STYLE="font-size: 9pt"><B>FUELCELL ENERGY, INC.</B> - <I>Notice of Annual Meeting of Shareholders</I></FONT></TD>
    <TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 9pt"><B>11</B></FONT></TD></TR>
</TABLE>

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    <!-- Field: /Page -->

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: rgb(0,112,73) 2px solid; text-align: justify"><B>Compensation Committee</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Compensation Committee is comprised of Messrs. England (Chairman),
Bromley, Lawson and West. The members of the Compensation Committee are all independent directors under applicable NASDAQ rules
and the Compensation Committee is governed by a Board-approved Charter stating its responsibilities. Members of the Compensation
Committee are appointed by the Board of Directors.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Compensation Committee is responsible for reviewing
and approving the compensation plans, policies and programs of the Company to compensate the officers and directors in a
reasonable and cost-effective manner. The Compensation Committee&rsquo;s overall objectives are to ensure the attraction and
retention of superior talent, to motivate the performance of the executive officers in the achievement of the Company&rsquo;s
business objectives and to align the interests of the officers and directors with the long-term interests of the
Company&rsquo;s shareholders. To that end, it is the responsibility of the Compensation Committee to develop, approve and
periodically review a general compensation policy and salary structure for executive officers of the Company, which considers
business and financial objectives, industry and market pay practices and/or such other information as may be deemed
appropriate. It is the responsibility of the Compensation Committee to review and recommend for approval by the independent
directors of the Board the compensation (salary, bonus and other incentive compensation) of the Chief Executive Officer of
the Company; review and approve the compensation (salary, bonus and other incentive compensation) of the other executive
officers of the Company; review and approve perquisites offered to executive officers of the Company; review and approve
corporate goals and objectives relevant to the compensation of executive officers of the Company and evaluate performance in
light of the goals and objectives; and review and approve all employment, retention and severance agreements for executive
officers of the Company. The Compensation Committee also reviews the management succession program for the Chief Executive
Officer, the named executive officers and selected executives of the Company.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Compensation Committee acts on behalf of the Board in administering
compensation plans approved by the Board, in a manner consistent with the terms of such plans (including, as applicable, the granting
of stock options, restricted stock, stock units and other awards, the review of performance goals established before the start
of the relevant plan year, and the determination of performance compared to the goals at the end of the plan year). The Committee
reviews and makes recommendations to the Board with respect to new compensation incentive plans and equity-based plans; reviews
and recommends the compensation (annual retainer, committee fees and other compensation) of the Directors of the Board to the full
Board for approval; and reviews and makes recommendations to the Board on changes in major benefit programs of the Company. Compensation
Committee agendas are established in consultation with the committee chair. The Compensation Committee meets in executive session
after each meeting.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Compensation Committee held six meetings during fiscal 2013.
The Compensation Committee has a charter, a copy of which is available on the Company&rsquo;s website at <I>www.fuelcellenergy.com</I>.
The Compensation Committee&rsquo;s report appears on page 15 of this proxy statement.</P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: rgb(0,112,73) 2px solid; text-align: justify"><B>Executive Committee</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Executive Committee is comprised of Messrs. Bottone (Chairman),
Gerson and Rolls. During the intervals between the meetings of the Board of Directors, the Executive Committee shall have and may
exercise all the powers of the Board in the management of the business and affairs of the Corporation, in such manner as the Committee
shall deem best for the interests of the Corporation, in all cases in which specific instructions shall not have been given by
the Board of Directors.</P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: rgb(0,112,73) 2px solid; text-align: justify"><B>Government Affairs Committee</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Government Affairs Committee is
comprised of Messrs. Bromley (Chairman), Bottone, England, and West. The principle purpose of the Government Affairs
Committee is to (i) monitor and oversee the Company&rsquo;s government affairs strategy and initiatives, including federal
and state legislative and regulatory proceedings, as well as the Company&rsquo;s ongoing relations with government agencies;
and (ii) advise the Board of the Company on performance in this regard.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Government Affairs Committee held four meetings in fiscal
2013. The Government Affairs Committee has a charter, a copy of which is available on the Company&rsquo;s website at <I>www.fuelcellenergy.com</I>.</P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: rgb(0,112,73) 2px solid; text-align: justify"><B>Nominating and Corporate Governance Committee</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Nominating and Corporate Governance Committee (the &ldquo;Nominating
Committee&rdquo;) is comprised of Messrs. Lawson (Chairman), Gerson, and Rolls. The members of the Nominating Committee are all
independent directors under applicable NASDAQ rules. Members of the Nominating Committee are appointed by the Board of Directors.
The principal duties of the Nominating Committee, in its capacity as a committee of the Board of Directors, are (i) to identify
individuals qualified to become members of the Board of Directors and recommend the persons to be nominated by the Board of Directors
for election as directors at the annual meeting of shareholders or elected as directors to fill vacancies, (ii) to review the Company&rsquo;s
corporate governance principles, assess and recommend to the Board any changes deemed appropriate, (iii) to periodically review,
discuss and assess the performance of the Board and the Committees of the Board, (iv) to review the Board&rsquo;s committee structure
and make recommendations to the full Board concerning the number and responsibilities of Board committees</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="vertical-align: bottom; width: 96%; text-align: right"><FONT STYLE="font-size: 9pt"><B>FUELCELL ENERGY, INC.</B> - <I>Notice of Annual Meeting of Shareholders</I></FONT></TD>
    <TD STYLE="width: 4%; text-align: right"><B>12</B></TD></TR>
</TABLE>

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    <!-- Field: /Page -->

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">and committee assignments, (v) to periodically review and report
to the Board any questions of possible conflicts of interest or related party transactions involving Board members or members of
senior management of the Company</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Nominating Committee will consider nominees for the Board
of Directors recommended by shareholders. Nominations by shareholders must be in writing, and must include the full name of the
proposed nominee, a brief description of the proposed nominee&rsquo;s business experience for at least the previous five years,
and a representation that the nominating stockholder is a beneficial or record owner of the Company&rsquo;s common stock. Any such
submission must also be accompanied by the written consent of the proposed nominee to be named as a nominee and to serve as director
if elected. Nominations must be delivered to the Nominating Committee at the following address:</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Nominating and Corporate Governance Committee</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>FuelCell Energy, Inc. </B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o Corporate Secretary</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3 Great
Pasture Road</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Danbury, CT 06813</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Nominating Committee is required to review the qualifications
and backgrounds of all directors and nominees (without regard to whether a nominee has been recommended by shareholders), as well
as the overall composition of the Board of Directors.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Nominating Committee held five meetings during fiscal 2013.
The Nominating and Corporate Governance Committee has a charter, a copy of which is available on the Company&rsquo;s website at
<I>www.fuelcellenergy.com</I>.</P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: rgb(0,112,73) 2px solid; text-align: justify"><B>Compensation Committee Interlocks and Insider Participation</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No member of the Compensation Committee was an officer or employee
of the Company during the fiscal year ended October 31, 2013. No executive officer or director of the Company had a relationship
with the Company or any other company during fiscal 2013 which the SEC defines as a compensation committee interlock and requires
disclosure to shareholders.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. England, presently Chairman of the Compensation Committee,
is a member of the Board of Directors of Enbridge Inc. (&ldquo;<B>Enbridge</B>&rdquo;), a business partner for the Company. For
information as to the relationship between the Company and Enbridge, see &ldquo;Certain Relationships and Related Transactions&rdquo;
on page 30.</P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: rgb(0,112,73) 2px solid; text-align: justify"><B>Nasdaq Exchange Compensation Committee Listing Standards</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon assessing the independence of Compensation Committee members
as set forth by the Nasdaq Exchange Listing Standards approved by the SEC effective January 11, 2013, the Board has determined
that each committee member satisfies the following member independence criteria:</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left; color: rgb(0,112,73)">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">No committee member has received compensation from the
Company for any consulting or advisory services nor has he received any other compensatory fees paid by the Company (other than
directors&rsquo; fees); and</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><FONT STYLE="font-size: 9pt; color: #007049"><B>&bull;</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">No committee member has an affiliate relationship with
the Company, a subsidiary of Company or an affiliate of a subsidiary of the Company.</FONT></TD>
</TR></TABLE>


<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: rgb(0,112,73) 2px solid; text-align: justify"><B>Nasdaq Exchange Compensation Committee Advisor Listing Standards</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon assessing the Compensation Committee advisor independence
and potential conflicts of interest as set forth by the Nasdaq Exchange Listing Standards approved by the SEC effective January
11, 2013, the Compensation Committee has determined that the Company&rsquo;s Compensation Adviser, Compensia, Inc. (the &ldquo;Advisor&rdquo;),
satisfies the following independence criteria:</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10pt; text-align: justify; color: rgb(0,112,73)"><FONT STYLE="color: #007049"><B>&bull;</B></FONT></TD><TD STYLE="text-align: justify">The Advisor has not provided in the last completed fiscal year ending October 31, 2013 or any subsequent interim period, any
other services to FCE or its affiliated companies other than the Advisor&rsquo;s work as a compensation advisor to the Company&rsquo;s
Compensation Committee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><FONT STYLE="color: #007049"><B>&bull;</B></FONT></TD><TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0">Less than 1% of the Advisor&rsquo;s total revenue was derived from fees paid by FCE in the last completed fiscal year ending October 31, 2013 or any subsequent interim period for work on behalf of the FCE Compensation Committee.</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>










<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><FONT STYLE="color: #007049"><B>&bull;</B></FONT></TD><TD STYLE="text-align: justify">The Advisor has implemented policies and procedures designed to prevent conflicts
of interest.</TD>
</TR></TABLE>




<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><FONT STYLE="color: #007049"><B>&bull;</B></FONT></TD><TD STYLE="text-align: justify">Neither the Advisor nor any of its employees or their spouses has any business or
personal relationships with any members of the FCE Compensation Committee or any of FCE executive officers.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>






<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><FONT STYLE="color: #007049"><B>&bull;</B></FONT></TD><TD STYLE="text-align: justify">Neither the Advisor; employees or their immediate family members, currently own any
FCE securities (other than through a mutual fund or similar externally-managed investment vehicle).</TD>
</TR></TABLE>




<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><FONT STYLE="color: #007049"><B>&bull;</B></FONT></TD><TD STYLE="text-align: justify">The Advisor is unaware of any relationship not identified in the response to the statements
above that could create an actual or potential conflict of interest with FCE or its affiliated entities, any members of the FCE
Compensation Committee or any of FCEs executive officers.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 96%; padding-left: 10pt; text-indent: -10pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>FUELCELL ENERGY, INC.</B> - <I>Notice of Annual Meeting of Shareholders</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 4%; text-align: right"><FONT STYLE="font-size: 9pt"><B>13</B></FONT></TD></TR>
</TABLE>

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    <!-- Field: /Page -->

<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A NAME="lfca012"></A><B>Biographies of Executive Officers Who Are Not Directors</B></P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73); text-align: justify; border-bottom: Black 1px solid"><B><I>Michael S. Bishop</I></B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Principal Occupation: Senior Vice President, Chief Financial
Officer, Corporate Secretary, Treasurer<BR>
Age 46</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Bishop was appointed Vice President, Chief Financial Officer,
Corporate Secretary, and Treasurer in June 2011. He has nearly 20 years of experience in financial operations and management with
public high growth technology companies with a focus on capital raising, project finance, debt/treasury management, acquisition
integration, strategic planning, internal controls, and organizational development. Since joining the Company in 2003, Mr. Bishop
has held a succession of financial leadership roles including Assistant Controller, Corporate Controller and Vice President and
Controller. Prior to joining FuelCell Energy, Inc., Mr. Bishop held finance and accounting positions at TranSwitch Corporation,
Cyberian Outpost, Inc. and United Technologies, Inc. He is a certified public accountant and began his professional career at McGladrey
and Pullen, LLP. Mr. Bishop also served four years in the United States Marine Corps.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Bishop received a Bachelor of Science in Accounting from
Boston University in 1993 and a MBA from the University of Connecticut in 1999.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73); text-align: justify; border-bottom: Black 1px solid"><B><I>Anthony F. Rauseo</I></B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Principal Occupation: Senior Vice President and Chief Operating
Officer<BR>
Age 54</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Rauseo was appointed Chief Operating Officer in July 2010.
In this position, Mr. Rauseo has responsibility for closely integrating the manufacturing operations with the supply chain, product
development and quality initiatives. Mr. Rauseo is an organizational leader with a strong record of achievement in product development,
business development, manufacturing, operations, and customer support. Mr. Rauseo joined the Company in 2005 as Vice President
of Engineering and Chief Engineer. Prior to joining Fuel Cell Energy, Mr. Rauseo held a variety of key management positions in
manufacturing, quality and engineering including five years with CiDRA Corporation. Prior to joining CiDRA, Mr. Rauseo was with
Pratt and Whitney for 17 years where he held various leadership positions in product development, production and customer support
of aircraft turbines.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Rauseo received a Bachelor of Science in Mechanical Engineering
from Rutgers University in 1983 and received a Masters of Science in Mechanical Engineering from Rensselaer Polytechnic Institute
in 1987.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 96%; padding-left: 10pt; text-indent: -10pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>FUELCELL
ENERGY, INC.</B> - <I>Notice of Annual Meeting of Shareholders</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 4%; text-align: right"><B>14</B></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 8pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#toc" STYLE="font-weight: bold">Back to Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73); text-align: justify"><A NAME="lfca013"></A><B>EXECUTIVE COMPENSATION</B></P>

<P STYLE="font: 30pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73); text-align: justify">&nbsp;</P>

<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="lfca014"></A><B>Compensation Committee Report</B></P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Compensation Committee has reviewed and discussed with management
the Compensation Discussion and Analysis (the &ldquo;<B>CD&amp;A</B>&rdquo;) as set forth in this Proxy Statement. Based upon
this review and discussion, the Compensation Committee recommended to the Board of Directors that the CD&amp;A be included in the
Company&rsquo;s Annual Report on Form 10-K for its fiscal year ended October 31, 2013 and its 2014 Proxy Statement filed in connection
with the Company&rsquo;s 2014 Annual Meeting of Shareholders.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Respectfully submitted by the Compensation Committee of the
Board of Directors.</I></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">James Herbert England (Chairman)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Richard Bromley</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">William Lawson</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Togo West, Jr.</P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="lfca015"></A><B>Compensation Discussion and Analysis</B></P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: rgb(0,112,73) 2px solid"><B>Introduction</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Compensation Discussion and Analysis (this &ldquo;CD&amp;A&rdquo;)
describes the philosophy and objectives of the executive compensation program underlying the compensation which is reported in
the executive compensation tables included in this Proxy Statement for the following executive officers (the &ldquo;Named Executive
Officers&rdquo; or &ldquo;NEOs&rdquo;):</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10pt; text-align: justify"><FONT STYLE="font-size: 9pt; color: #007049"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Arthur A. Bottone, President and Chief Executive Officer (the &ldquo;CEO&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt; color: #007049"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Michael Bishop, Senior Vice President, Chief Financial Officer (the &ldquo;CFO&rdquo;), Corporate Secretary and Treasurer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt; color: #007049"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Anthony Rauseo, Senior Vice President and Chief Operating Officer
(the &ldquo;COO&rdquo;)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The compensation of the NEOs is reported in the Summary Compensation Table presented on page 21
of this Proxy Statement.</P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: rgb(0,112,73) 2px solid"><B>Summary of Fiscal 2013 Compensation Actions</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Executive compensation consists of three primary components:
base salary, annual performance-based incentive awards and long-term equity incentive compensation in the form of restricted stock
awards (&ldquo;<B>RSAs</B>&rdquo;).</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A significant portion of the total compensation for key employees,
including the NEOs, is performance-based and &ldquo;at risk&rdquo; and, as described in this CD&amp;A, demonstrates a transparent
link between pay and performance. The following is a summary of the principal compensation actions during fiscal 2013 and the key
features of our fiscal 2013 executive compensation program:</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><FONT STYLE="color: #007049"><B>&bull;</B></FONT></TD><TD STYLE="text-align: justify">Effective January 1, 2013, Mr. Bottone&rsquo;s base salary was increased from $366,200
to $392,400; Mr. Rauseo&rsquo;s base salary was increased from $269,200 to $289,180; and Mr. Bishop&rsquo;s base salary was increased
from $228,100 to $256,200;</TD>
</TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10pt; text-align: justify"><FONT STYLE="font-size: 9pt; color: #007049"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">The fiscal 2013 Management Incentive Plan (the &ldquo;MIP&rdquo;) was structured such that the annual incentive awards were linked to the achievement of pre-established Company operational milestones and strategic initiatives which we believe create a performance-based compensation culture consistent with shareholder interests; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt; color: #007049"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Under the terms of the MIP, the maximum annual incentive award payable was capped at 125% of the target award; the actual awards for fiscal 2013 performance (paid in fiscal 2014) were approved at 70% of target award levels for the NEOs based upon the level of achievement of the pre-established operational milestones and strategic initiatives for the year, which are described in detail on page 18 of this Proxy Statement;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt; color: #007049"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Messrs. Bottone, Bishop, and Rauseo were granted RSA&rsquo;s with grant date fair values of $360,000, $164,400 and $209,000, respectively, as part of the Company&rsquo;s annual long-term equity incentive compensation review; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt; color: #007049"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">The Compensation Committee engaged an external compensation consultant (Compensia, Inc.) to perform a competitive market analysis of executive compensation, the results of which are discussed on page&nbsp;&nbsp;16 of this Proxy Statement.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73); text-align: justify">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73); text-align: justify"><B>Recent Shareholder Advisory Vote on Executive
Compensation</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007049; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the 2011 Annual Meeting of Shareholders, the Company conducted
a non-binding advisory vote of common stock shareholders on the compensation of the NEOs. At that meeting, approximately 96% of
the votes cast by shareholders were voted to &ldquo;approve&rdquo; the compensation of</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 96%; padding-left: 10pt; text-indent: -10pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>FUELCELL ENERGY, INC.</B> - <I>Notice of Annual Meeting of Shareholders</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 4%; text-align: right"><FONT STYLE="font-size: 9pt"><B>15</B></FONT></TD></TR>
</TABLE>












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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the NEOs. At the same Annual Meeting, shareholders indicated
their preference that advisory votes on executive compensation be held every three years, a preference which the Board of Directors
subsequently approved as practice for such votes.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following the Annual Meeting, the
Compensation Committee noted the favorable results of the advisory vote, reflecting widespread support from shareholders.
Although none of the Compensation Committee&rsquo;s subsequent actions or decisions with respect to the compensation of the
NEOs were directly attributable to the results of the vote, the Compensation Committee believes that shareholder feedback on
executive compensation matters should be considered as part of its deliberations and factors the result of these advisory
votes, as well as any shareholder input received, into its compensation review process.</P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: rgb(0,112,73) 2px solid"><B>Compensation-Setting Process</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Compensation Committee is responsible for implementing and
reviewing executive compensation plans, policies and practices in an effort to ensure the attraction and retention of the executive
officers in a reasonable and cost-effective manner, to motivate their performance in the achievement of the Company&rsquo;s business
objectives and to align the interests of the executive officers with the long-term interests of shareholders.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The executive compensation program includes (i) a &ldquo;fixed&rdquo;
component, which consists of base salary and health, welfare and retirement benefits and (ii) a &ldquo;variable&rdquo; component,
which consists of an annual performance-based incentive award (the target amount of which is based on a percentage of base salary)
and a long-term equity incentive award used to align a portion of each executive officer&rsquo;s compensation with the long-term
success of the Company and the interests of our shareholders.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Compensation Committee reviews the base salary, target annual
incentive award, long-term equity incentive award and target total direct compensation (which represents the sum of these three
components) for each of the NEOs. The CEO makes recommendations to the Compensation Committee for annual merit increases in base
salary, the annual incentive award payments and long-term equity incentive awards for each of the NEOs (other than himself). The
Compensation Committee has the final authority to approve annual merit increases in base salary, annual incentive award payments
and long-term equity incentive awards for the NEOs, except with respect to the CEO whose compensation is approved by the independent
members of the Board of Directors.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Typically, the Compensation Committee
makes any necessary adjustments to base salaries effective in January of each year. In addition, prior to the start of each
fiscal year, the CEO develops the operational milestones and strategic initiatives for the year for the Company&rsquo;s key
employees, including the NEOs. These operational milestones and strategic initiatives represent key performance objectives
which are incorporated into the MIP, which is then submitted to the Compensation Committee for consideration and approval.
After the Company&rsquo;s fiscal year-end financial results are available, the annual incentive award pool and individual
annual incentive award payments for the NEOs for the just-completed fiscal year are approved by the Compensation Committee,
except with respect to the CEO whose annual incentive award payment is approved by the independent members of the Board of
Directors.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Compensation Committee formulates its compensation decisions
for the NEOs with input from the CEO, considering such factors as each NEO&rsquo;s professional experience, job scope, past performance,
tenure and retention risk. The Compensation Committee also considers prior fiscal year adjustments to compensation and historical
annual incentive award payments and long-term equity incentive awards. Finally, the Compensation Committee considers current market
practices, based on its review of executive compensation data for comparable companies, as well as current compensation trends,
to ensure that the compensation we pay to the NEOs is both competitive and reasonable.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During fiscal 2013, the Compensation Committee engaged and obtained
advice from Compensia, Inc., a national compensation consulting firm (&ldquo;<B>Compensia</B>&rdquo;), on matters discussed in
this CD&amp;A. Based on its consideration of the various factors as set forth in the rules promulgated by the SEC and the listing
standards of Nasdaq, the Compensation Committee has assessed the independence of Compensia and determined that Compensia&rsquo;s
work did not raise any conflict of interest.</P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: rgb(0,112,73) 2px solid"><B>Competitive Positioning</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company periodically performs
competitive market analyses of our executive and director compensation programs to ensure that the total compensation
packages of the executive officers and the members of the Board of Directors are within a reasonably competitive range. In
connection with its fiscal 2013 compensation actions and decisions, the Compensation Committee considered the competitive
market analysis that had been performed by Compensia in November 2011. This analysis was based on compensation data gathered
from the publicly-available filings of the following companies, as well as the then-current version of the Radford Global
Technology compensation survey. The peer group from the 2011 competitive analysis was as follows:</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="background-color: rgb(231,231,232)">
    <TD STYLE="vertical-align: top; width: 30%; padding-left: 12pt; text-indent: -10pt; text-align: justify; border-top: Black 2px solid"><FONT STYLE="font-size: 9pt">Active Power</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify; border-top: Black 2px solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 30%; text-align: justify; border-top: Black 2px solid"><FONT STYLE="font-size: 9pt">Comverge*</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify; border-top: Black 2px solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 39%; text-align: justify; border-top: Black 2px solid"><FONT STYLE="font-size: 9pt">PowerSecure</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; text-indent: -10pt; text-align: justify"><FONT STYLE="font-size: 9pt">Ballard Power Systems, Inc.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 9pt">Ener1*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 9pt">Rentech</FONT></TD></TR>
<TR STYLE="background-color: rgb(231,231,232)">
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; text-indent: -10pt; text-align: justify"><FONT STYLE="font-size: 9pt">Bel Fuse, Inc.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 9pt">Energy Recovery</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 9pt">Ultralife</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; text-indent: -10pt; text-align: justify"><FONT STYLE="font-size: 9pt">Broadwind Energy</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 9pt">Fuel Tech</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 9pt">ValenceTechnology*</FONT></TD></TR>
<TR STYLE="background-color: rgb(231,231,232)">
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; text-indent: -10pt; text-align: justify"><FONT STYLE="font-size: 9pt">BTU International</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 9pt">LimeEnergy</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; text-indent: -10pt; text-align: justify; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">Capstone Turbine Corp.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">Magnetek</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; border-bottom: Black 2px solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>* No longer publicly traded</I></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; font: 9pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; width: 96%"><FONT STYLE="font-size: 9pt"><B>FUELCELL ENERGY, INC.</B> - <I>Notice of Annual Meeting of Shareholders</I></FONT></TD>
    <TD STYLE="text-align: right; width: 4%"><B>16</B></TD></TR>
</TABLE>

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    <!-- Field: /Page -->

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In September 2013, the Compensation Committee directed Compensia
to conduct a new competitive market analysis to be used in connection with its compensation decisions for fiscal 2014. To develop
an updated compensation peer group, the Compensation Committee reviewed the executive compensation practices of a group of publicly-traded
companies (the &ldquo;Updated Peer Group&rdquo;) based on compensation data gathered from publicly-available filings and other
resources including the Radford Global Technology compensation survey.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Compensia worked with the
Compensation Committee to develop the Updated Peer Group by screening an initial list of publicly-traded companies on the
basis of revenue, market capitalization, total employees, growth rate and industry focus. These companies were then narrowed
by identifying companies whose revenue ranged from approximately 0.5 to 2.5 times the Company&rsquo;s revenue, and whose
market capitalization ranged from approximately 0.3 to 3.0 times the Company&rsquo;s market capitalization. The list was
further refined by eliminating distressed companies and companies with international headquarters as pay practices and
disclosure requirements may vary significantly from those found in the United States.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Compensia also reviewed and considered other factors such as
revenue growth, profitability, valuation (e.g., market capitalization as a multiple of sales) and business model. The final Updated
Peer Group was selected based on the subjective evaluation of all of these factors, and then consisted of the following 17 companies:</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="background-color: rgb(231,231,232)">
    <TD STYLE="vertical-align: top; width: 30%; padding-left: 12pt; text-indent: -10pt; text-align: justify; border-top: Black 2px solid"><FONT STYLE="font-size: 9pt">Active Power</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify; border-top: Black 2px solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 30%; text-align: justify; border-top: Black 2px solid"><FONT STYLE="font-size: 9pt">CECO Environmental</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify; border-top: Black 2px solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 39%; text-align: justify; border-top: Black 2px solid"><FONT STYLE="font-size: 9pt">PowerSecure Int&rsquo;l.</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; text-indent: -10pt; text-align: justify"><FONT STYLE="font-size: 9pt">American Superconductor</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 9pt">Enphase Energy</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 9pt">Rentech</FONT></TD></TR>
<TR STYLE="background-color: rgb(231,231,232)">
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; text-indent: -10pt; text-align: justify"><FONT STYLE="font-size: 9pt">Ballard Power Systems, Inc.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 9pt">Fuel Systems Solutions</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 9pt">SL Industries</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; text-indent: -10pt; text-align: justify"><FONT STYLE="font-size: 9pt">Bel Fuse, Inc.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 9pt">Fuel Tech</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 9pt">Ultralife</FONT></TD></TR>
<TR STYLE="background-color: rgb(231,231,232)">
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; text-indent: -10pt; text-align: justify"><FONT STYLE="font-size: 9pt">Broadwind Energy</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 9pt">Lime Energy</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 9pt">U.S. Ecology</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; text-indent: -10pt; text-align: justify; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">Capstone Turbine Corp.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">Magnetek</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; border-bottom: Black 2px solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To complete the competitive market analysis of the executive
compensation program, Compensia then blended the Updated Peer Group data with aged survey data (weighted equally) to establish
the market level for each of the executive officer positions.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In comparing the then-existing compensation arrangements of the
NEOs with the competitive market analysis, the Compensation Committee determined that base salaries and target total cash levels
for the NEOs fell between the 25<SUP>th </SUP>and 50<SUP>th </SUP>percentiles of the competitive market and were closely aligned
with the Compensation Committee&rsquo;s target pay positioning objective (approximately the midpoint of the 25<SUP>th </SUP>and
50<SUP>th </SUP>percentiles). The Compensation Committee also determined that fiscal 2013 long term incentive awards and total
direct compensation fell between the 30<SUP>th </SUP>and 50<SUP>th </SUP>percentiles of the competitive market.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Compensation Committee uses the market analysis as a reference
point (or &ldquo;market check&rdquo;) to ensure that the executive compensation program is competitive with current market practices.
In the case of each NEO, the Compensation Committee compares the overall compensation of each individual against the compensation
data developed through the market analysis, if his position is sufficiently similar to the positions identified in the data to
make the comparison meaningful. Ultimately, the Compensation Committee&rsquo;s decisions with respect to each NEO&rsquo;s total
compensation, and each individual compensation component, are based in large part on its assessment of Company and individual performance
as well as internal equity.</P>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(0,112,73)">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73); text-align: justify"><B>Fixed Compensation</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007049; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The principal components of fixed compensation consist of base
salary and benefits, such as the Company&rsquo;s Section 401(k) Retirement Savings plan, and health, life and disability insurance.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Base Salary</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the executive compensation program, the Compensation Committee
views the purpose of base salary to fairly and competitively compensate the NEOs with a fixed amount of cash for the jobs they
perform. In addition, base salaries are used to recognize the experience, skills, knowledge and responsibilities required of the
NEOs. Accordingly, we seek to ensure that base salary levels are competitive and consistent with industry practices.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the end of 2012, the Compensation Committee reviewed the base
salaries of the NEOs. The Compensation Committee then evaluated the performance of the Company and these individuals, as well as
their anticipated future contributions to the Company&rsquo;s business objectives and the results of a competitive market analysis
conducted in fiscal 2011. As a result, the Compensation Committee approved the base salaries for the NEOs for fiscal 2013 (except
the CEO, whose base salary was approved by the independent members of the Board of Directors). For more information about these
decisions, please refer to the Company&rsquo;s 2013 definitive proxy statement.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the end of 2013, the Compensation Committee reviewed the base
salaries of the NEOs and the results of the competitive market analysis performed in fiscal 2013. The Compensation Committee then
evaluated the performance of the Company and these individuals, as well as their anticipated future contributions to the Company&rsquo;s
business objectives. As a result, the Compensation Committee approved the following increases for the NEOs (except the CEO, whose
base salary was approved by the independent members of the Board of Directors):</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 99%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 1pt; padding-left: 2pt">&nbsp;</TD><TD COLSPAN="16" STYLE="border-bottom: Black 2px solid; text-align: center"><B>Base Salary Changes Effective January 1, 2014</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; padding-left: 2pt"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><B>2013 Base</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><B>2014 Base</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><B>Increase</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD>
    <TD COLSPAN="3" STYLE="text-align: right; padding-right: 2pt"><B>Increase</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 2pt; border-bottom: Black 2px solid"><B>Name</B></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt"><B>($)</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><B>&nbsp;</B></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt"><B>($)</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><B>&nbsp;</B></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt"><B>($)</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><B>&nbsp;</B></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><B>&nbsp;</B></TD>
    <TD COLSPAN="3" STYLE="text-align: right; padding-right: 2pt; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt"><B>%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(231,231,232)">
    <TD STYLE="width: 42%; text-align: justify; padding-left: 2pt">Arthur A. Bottone</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: right">$</TD><TD STYLE="width: 5%; text-align: right">392,400</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">404,200</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">11,800</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">3.0</TD><TD STYLE="width: 1%; text-align: left; padding-right: 2pt">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 2pt">Michael S. Bishop</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">$</TD><TD STYLE="text-align: right">256,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">270,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.4</TD><TD STYLE="text-align: left; padding-right: 2pt">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(231,231,232)">
    <TD STYLE="text-align: justify; border-bottom: Black 2px solid; padding-left: 2pt">Anthony F. Rauseo</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 2px solid">289,180</TD><TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2px solid">297,900</TD><TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2px solid">8,720</TD><TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2px solid">3.0</TD><TD STYLE="text-align: left; border-bottom: Black 2px solid; padding-right: 2pt">%</TD></TR>
</TABLE>


<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The base salaries of the NEOs for fiscal 2013 are reported in
the Fiscal 2013 Summary Compensation Table on page 21 of this Proxy Statement.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; font: 9pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="text-align: right; width: 96%"><FONT STYLE="font-size: 9pt"><B>FUELCELL ENERGY, INC.</B> - <I>Notice of Annual Meeting of Shareholders</I></FONT></TD>
    <TD STYLE="text-align: right; width: 4%"><FONT STYLE="font-size: 9pt"><B>17</B></FONT></TD></TR>
</TABLE>

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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Benefits</B></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We offer medical and dental insurance to the NEOs and pay a
portion of the premiums for these benefits consistent with the arrangements for non-executive employees. We also provide the NEOs
and other eligible employees, at Company expense, group life and accidental death and dismemberment insurance benefits; short-term
and long-term disability insurance benefits; paid time off benefits and other ancillary benefits (e.g., flexible spending accounts
and an employee assistance program). Further, we offer a Section 401(k) Retirement Savings plan to our employees, including the
NEOs.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contributions to the Section 401(k) Retirement Savings plan
are limited to an annual maximum amount as determined by the Internal Revenue Service. Effective January 1, 2012, the Company established
a matching contribution equal to 1% of eligible base earnings. Participants are not permitted to receive or purchase shares of
the Company&rsquo;s common stock through the Section 401(k) Retirement Savings plan. The Company&rsquo;s contributions to the retirement
savings accounts of the NEOs for fiscal 2013 are included in the Summary Compensation Table on page 21 of this Proxy Statement.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Historically, we have not provided perquisites or other personal
benefits to the NEOs.</P>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(0,112,73)">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73); text-align: justify"><B>Variable Compensation </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73); text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Annual Incentive Awards</B></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All managers and executives, including the NEOs, are eligible
to participate in the MIP, an annual performance-based incentive plan, which is intended to motivate their performance in the achievement
of the Company&rsquo;s business objectives. The Compensation Committee determines the target annual incentive award opportunities
(expressed as a percentage of base salary) under the MIP and considers the recommendations of the CEO with respect to the actual
annual incentive award payments to be made to the MIP participants including the NEOs (other than with respect to his own award).
The individual award payments, reflect (i) an individual&rsquo;s target annual incentive award opportunity, (ii) our performance
against a set of pre-established Company operational milestones; (iii) our performance against a set of pre-established Company
strategic initiatives (in the case of the NEOs only); and (iv) adjustments for individual performance (in the case of all other
MIP participants).</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The annual incentive award payments for the NEOs are based on
a review of our actual performance against the Company operational milestones (which represent 75% of the target annual incentive
award opportunity) and performance against the Company strategic initiatives (which represent the remaining 25% of the target annual
incentive award opportunity). The Compensation Committee may also exercise its discretion to adjust the size of potential award
payments as it deems appropriate to take into account factors that enhance or detract from results achieved relative to the Company
operational milestones and strategic initiatives. In this way, the Compensation Committee does not confine itself to a purely quantitative
approach and retains the discretion in determining award payments based on its review and assessment of results for the fiscal
year. The Compensation Committee believes that linking the annual incentive awards for the NEOs to Company operational milestones
and strategic initiatives creates a performance-based compensation opportunity that furthers shareholder interests.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For fiscal 2013, the target annual incentive award opportunities
for each NEO (expressed as a percentage of base salary) were 90% for Mr. Bottone and 50% for each of the other NEOs.</P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: rgb(0,112,73) 2px solid"><B>Fiscal 2013 MIP and Results</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For fiscal 2013, the overall design of the MIP remained unchanged
from fiscal 2012, except for the Company operational milestones and strategic initiatives. The pre-established Company operational
milestones for fiscal 2013 (and their respective weighting) involved: (1) securing new orders (35%); (2) enhancing fleet performance
(20%); (3) achieving a specified gross margin (15%); (4) controlling operating expenses (10%); and (5) maintaining a strong working
capital position (20%). The Compensation Committee developed target performance levels for each of these milestones that were consistent
with our annual operating plan for fiscal 2013.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The pre-established Company strategic initiatives for fiscal
2013 (which were equally weighted) involved: (a) developing a new strategic partner; (b) completing the successful integration
of FuelCell Energy Solutions GmbH and Versa Power Systems; (c) completing the financing of certain projects; (d) executing on specified
regulatory initiatives; (e) diversifying the business model and revenue mix; (f) growing the Advanced Technology business; and
(g) implementing a new Enterprise Resource Planning (&ldquo;ERP&rdquo;) system.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To accomplish the Company operational milestones and strategic
initiatives for fiscal 2013, the management team, including the NEOs, was required to achieve target performance levels which were
challenging, but achievable with diligent efforts throughout the year.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the MIP for fiscal 2013, performance against each of the
Company operational milestones was evaluated based on a range of pre-established performance levels to obtain scores ranging from
0% to a maximum of 125%. A score of 50% generally represented the minimum level of acceptable performance required to earn an annual
incentive award payment with respect to an operational milestone. Performance above this threshold level represented the achievement
of Company operating results that significantly improved our financial condition and that the Compensation Committee considered
to enhance shareholder value and, accordingly, could potentially result in a higher award payment.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect to the fiscal 2013 Company operational milestones,
the Compensation Committee determined that the Company had significantly exceeded milestone (5); fully achieved milestone (4);
achieved more than 75% of milestone (2); and, 50% of milestone (1). The Company did not meet milestone (3).</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Comparing the Company&rsquo;s actual performance against the
range of pre-established target levels for these milestones, the Compensation Committee calculated a weighted score for each milestone,
the sum of which yielded a total weighted score. The Company&rsquo;s overall performance with respect to the operational milestones
for fiscal 2013 resulted in a calculated aggregate weighted score of 70%.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 96%; font: 9pt Times New Roman, Times, Serif; text-align: right"><B>FUELCELL ENERGY,
    INC.</B> - <I>Notice of Annual Meeting of Shareholders</I></TD>
    <TD STYLE="vertical-align: top; width: 4%; font: 9pt Times New Roman, Times, Serif; text-align: right"><B>18</B></TD></TR>
</TABLE>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect to the fiscal 2013 Company strategic initiatives,
the Compensation Committee determined that the Company had fully achieved initiatives (a), (c) and (e); 75% of initiatives (d)
and (g); and 50% of initiatives (b) and (f). Comparing the Company&rsquo;s actual performance against the pre-established target
objectives for these initiatives, the Compensation Committee calculated a weighted score for each strategic initiative, the sum
of which yielded a total weighted score. The Company&rsquo;s overall performance with respect to the strategic initiatives for
fiscal 2013 resulted in a calculated weighted score of 79%.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Applying the relative weighting of each performance category
(75% for the operational milestones and 25% for the strategic initiatives), the Compensation Committee determined that the blended
annual incentive award payment percentage was equal to 72% of the target award levels, which it then rounded down to 70%. Consequently,
the Compensation Committee approved annual incentive award payments for the NEOs (other than the CEO) for fiscal 2013 at 70% of
the target award levels. The Committee also recommended to the independent members of the Board of Directors an award at 70% of
the target level as the annual incentive award payment for Mr. Bottone.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result, the independent members of the Board of Directors
(in the case of our CEO) and the Compensation Committee determined to pay Mr. Bottone an annual incentive award in the amount of
$247,212, to pay Mr. Bishop an annual incentive award in the amount of $89,670 and to pay Mr. Rauseo an annual incentive award
in the amount of $101,213.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The annual incentive award payments for the NEOs for fiscal
2013 are reported in the Fiscal 2013 Summary Compensation Table on page 21 of this Proxy Statement.</P>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(0,112,73)">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73); text-align: justify"><B>Long-Term Equity Incentive Compensation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73); text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each of the NEOs is eligible to receive long-term equity incentive
awards under the 2010 Amended and Restated Equity Incentive Plan (the &ldquo;<B>EIP</B>&rdquo;). These awards are intended to align
a significant portion of the NEOs&rsquo; compensation with shareholders&rsquo; interests and the long-term success of the Company
by providing a direct link to future earnings potential and the market value of the Company&rsquo;s common stock.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Compensation Committee, in determining the long-term equity
incentive awards to be granted to the executives, including the NEOs, considers relevant comparative market data as well as the
recommendations of the CEO and other factors such as the individual&rsquo;s job scope, past performance, expected future contributions,
tenure, and retention risk. The Compensation Committee approves all long-term equity incentive awards for the NEOs, except for
awards to the CEO whose award is approved by the independent members of the Board of Directors.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Beginning in fiscal 2009, the Compensation Committee approved
the granting of RSAs to our key employees, including the NEOs. The RSAs vest over four years at a rate of 25% per year beginning
on the first anniversary of the date of grant.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 28, 2013, the Compensation Committee considered and
approved the recommendations of the CEO for the long-term equity incentive awards for the executives and NEOs (other than the CEO).
This decision was based on the Company&rsquo;s overall performance for fiscal 2012 and the desire to minimize retention risks.
Accordingly, on March 28, 2013, the following long-term equity incentive awards were approved for the NEOs by the Compensation
Committee and, in the case of the CEO, the independent members of the Board of Directors:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10pt; font: 9pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="color: rgb(0,112,73)"><B>&bull;</B></FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify">An RSA for 382,979 shares of the Company&rsquo;s common stock with a grant date fair value of $360,000
    was awarded to Mr. Bottone;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="color: rgb(0,112,73)"><B>&bull;</B></FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify">An RSA for 174,894 shares of the Company&rsquo;s common stock with a grant date fair value of $164,400 was awarded to
    Mr. Bishop; and</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="color: rgb(0,112,73)"><B>&bull;</B></FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify">An RSA for 222,340 shares of the Company&rsquo;s common stock with a grant date fair value of $209,000 was awarded to
    Mr. Rauseo.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The number of shares of the Company&rsquo;s common stock subject
to each RSA granted to each of the NEOs was based on the dollar value of the award approved for each individual by the Compensation
Committee (or the independent members of the Board of Directors, in the case of the CEO) divided by the closing market price of
the Company&rsquo;s common stock on the date of grant.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The long-term equity incentive awards granted to the NEOs in
fiscal 2013 are reported in the Fiscal 2013 Summary Compensation Table and the Fiscal 2013 Grants of Plan-Based Awards Table on
pages 21 and 22, respectively, of this Proxy Statement.</P>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(0,112,73)">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73); text-align: justify"><B>Equity Award Grant Policy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73); text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Compensation Committee does not re-price and has not re-priced
equity awards, consistent with the Company&rsquo;s EIP that prohibits repricing of equity awards without shareholder approval.
The grant date for each long-term equity incentive award is based on the date the award is approved by the Compensation Committee
or the independent members of the Board of Directors, as applicable. Stock options are granted with an exercise price equal to
the closing market price of the Company&rsquo;s common stock on the grant date.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the Equity Award Grant Policy includes the following
key provisions: a) all grants which have a fair market value of more than $20,000 must be submitted to the Compensation Committee
for approval; b) all grants to executives at the level of vice president (or above) must be submitted to the Compensation Committee
for approval; c) all grants to senior managers are limited to a maximum fair value of $20,000; and d) all grants to executives
at the level of vice president are limited to a maximum fair value of $80,000.</P>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(0,112,73)">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73); text-align: justify"><B>Employment Agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73); text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 8, 2011, we entered into an employment agreement
with Mr. Bottone which specifies the reasons pursuant to which his employment may be terminated by the Board of Directors and provides
him with certain compensation and benefits upon termination of employment or a change in control of the Company. The employment
agreement also protects the Company&rsquo;s interests following termination of employment by providing specific reasons for termination
and by prohibiting him from engaging directly or indirectly in competition with the Company, from soliciting the Company&rsquo;s
employees and from disclosing confidential Company information. We believe that these provisions help ensure our long-term success.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective January 1, 2012, we also entered into employment agreements
with Messrs. Bishop and Rauseo which specify the reasons pursuant to which their employment may be terminated, and provide them
with certain compensation and benefits upon termination of employment or a change in control of the Company. The agreements also
protect the</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 96%; font: 9pt Times New Roman, Times, Serif; text-align: right"><B>FUELCELL ENERGY,
    INC.</B> - <I>Notice of Annual Meeting of Shareholders</I></TD>
    <TD STYLE="vertical-align: top; width: 4%; font: 9pt Times New Roman, Times, Serif; text-align: right"><B>19</B></TD></TR>
</TABLE>

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    <!-- Field: /Page -->

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Company&rsquo;s interests following termination of employment
by providing specific reasons for termination. We believe that these provisions help ensure our long-term success.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For a summary of the material terms and conditions of these
agreements with the NEOs, as well as the material terms and conditions of their termination of employment and change in control
protections, see &ldquo;Employment Agreements and Change of Control and Severance&rdquo; below.</P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: rgb(0,112,73) 2px solid"><B>Other Compensation Policies</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(0,112,73)">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73); text-align: justify"><B>Compensation Recovery Policy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73); text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective January 1, 2012, the Company added provisions to the
employment agreements of the NEOs that allow the Company to recover compensation in the future if any such compensation were predicated
upon the achievement of financial results that were subsequently the subject of a financial restatement. The Compensation Committee
decided to postpone adoption of a general compensation recovery (&ldquo;<B>clawback</B>&rdquo;) policy covering the annual and
long-term incentive compensation plans and arrangements until such time as the SEC issues final rules implementing the requirements
of Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.</P>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(0,112,73)">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73); text-align: justify"><B>Anti-Hedging Policy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73); text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the terms of Company&rsquo;s Insider Trading policy, all
key employees including but not limited to the NEOs and Directors are prohibited from engaging in any hedging transaction involving
shares of the Company&rsquo;s securities or the securities of the Company&rsquo;s competitors, such as a put, call or short sale.</P>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(0,112,73)">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73); text-align: justify"><B>Tax and Accounting Considerations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73); text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section 162(m) of the Internal Revenue Code prohibits public
companies from taking a tax deduction for a taxable year for compensation in excess of $1 million paid to its chief executive officer
or each of the other three most highly compensated executive officers (not including the chief financial officer) who are employed
by the company as of the end of the year. Qualifying performance-based compensation is not subject to the deduction limitation
if specified requirements are met. The Company periodically reviews the potential consequences of Section 162(m) on the components
of its executive compensation program. Executive compensation paid during fiscal 2013 complied with Section 162(m) to the extent
it was applicable.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We follow Financial Accounting Standards Board Accounting Standards
Codification Topic 718 for all stock-based awards. ASC Topic 718 requires companies to measure the compensation expense for all
share-based payment awards made to employees and directors, including stock options and restricted stock awards, based on the aggregate
grant date &ldquo;fair value&rdquo; of these awards. This calculation is performed for accounting purposes and reported in the
compensation tables below. ASC Topic 718 also requires companies to recognize the compensation cost of their stock-based compensation
awards in their income statements over the period that an executive officer is required to render service in exchange for the option
or other award.</P>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(0,112,73)">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73); text-align: justify"><B>Risk Assessment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73); text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To determine the level of risk arising from our compensation
policies and practices, the Company conducted a compensation-related risk assessment and evaluation process during fiscal 2013
under the oversight of the Compensation Committee. This assessment examined the compensation programs applicable to all of our
employees, including, but not limited to, the NEOs. Areas of potential risk that were reviewed included: a) compensation program
design; b) performance metrics and goal setting; c) administration procedures and controls; and d) communication and disclosure.
The Company&rsquo;s culture and values which emphasize ethical behavior, actions that contribute to building long-term value (rather
than short-term performance), teamwork, the importance of nonfinancial and strategic performance and investment in people and infrastructure
were also considered.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Compensation Committee determined that base salaries, which
represent fixed compensation, do not encourage excessive risk taking. The Compensation Committee reviewed the annual incentive
award program and determined that while the focus of the annual incentive awards is on achievement of short-term goals, and short-term
goals may encourage the taking of short-term risks at the expense of long-term results, the annual incentive compensation of the
NEOs represents a small portion of each individual&rsquo;s total compensation package and is not likely to lead to outsized risk
taking. Moreover, the Compensation Committee believes that the annual incentive award appropriately balances risk and the desire
to focus executives on specific short-term goals important to the Company&rsquo;s success. Under the annual incentive award program
for fiscal 2013, all payments were capped at 125% of target award opportunities and a minimum level of performance was clearly
defined, below which awards would not be paid. The annual incentive award program is based on balanced, quantitative performance
metrics that promote disciplined progress towards longer-term goals and, as such, are well-aligned with the business strategy and
shareholder interests. For these reasons, the Compensation Committee concluded that annual incentive awards do not encourage unnecessary
or excessive risk taking.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Compensation Committee also assessed the long-term equity
incentive awards provided to our employees that are intended to align their interests with those of the Company&rsquo;s shareholders.
In reviewing the EIP which governs the terms of such awards, the Compensation Committee noted the plan includes many provisions
designed to mitigate risk and protect shareholder interests, including, but not limited to, the following:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10pt; font-size: 9pt; text-align: justify"><FONT STYLE="color: rgb(0,112,73)"><B>&bull;</B></FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: justify">Options and stock appreciation rights may not have an exercise or strike price that is less than the
    fair market value of the Company&rsquo;s common stock on the grant date;</TD></TR>
<TR STYLE="vertical-align: top; font-size: 9pt">
    <TD STYLE="font-size: 9pt; text-align: justify"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: justify"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-size: 9pt">
    <TD STYLE="font-size: 9pt; text-align: justify"><FONT STYLE="color: rgb(0,112,73)"><B>&bull;</B></FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: justify">The EIP requires a minimum period for ratable vesting of options, shares of restricted stock and stock appreciation rights
    of three years<SUP>(1) </SUP>for all time-based awards not granted to members of the Board of Directors and one year for all
    performance-based awards, to the extent such awards may be paid in shares of the Company&rsquo;s common</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font-size: 8pt">
    <TD STYLE="width: 2%; text-align: justify; font: 8pt Times New Roman, Times, Serif"><I>(1)</I></TD>
    <TD STYLE="width: 98%; text-align: justify; font: 8pt Times New Roman, Times, Serif"><I>The actual vesting period for long-term equity incentive awards granted to
    our employees including the NEOs is four years.</I></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 96%; font: 9pt Times New Roman, Times, Serif; text-align: right"><B>FUELCELL ENERGY,
    INC.</B> - <I>Notice of Annual Meeting of Shareholders</I></TD>
    <TD STYLE="vertical-align: top; width: 4%; font: 9pt Times New Roman, Times, Serif; text-align: right"><B>20</B></TD></TR>
</TABLE>
<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 8pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#toc" STYLE="font-weight: bold">Back to Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify">stock. The minimum period for vesting is subject to the discretion
of the Compensation Committee under certain circumstances (e.g., retirement, death, disability);</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="width: 10pt; text-align: justify; font: 9pt Times New Roman, Times, Serif"><FONT STYLE="color: rgb(0,112,73)"><B>&bull;</B></FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify">Material amendments of the EIP require
    shareholder approval; and</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><FONT STYLE="color: rgb(0,112,73)"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">The EIP is administered by an independent committee
    of the Board of Directors.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><FONT STYLE="color: rgb(0,112,73)"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">In addition, the Compensation Committee has adopted
    the Equity Award Grant Policy which imposes limits on the number of shares that can be granted to any employee.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect to the long-term equity incentive awards granted
to the executives, the Compensation Committee identified a number of factors that discourage excessive risk taking including: the
relative size of the awards as compared with the executive&rsquo;s total compensation; the minimum vesting requirements; and the
Company&rsquo;s policy which prohibits all hedging transactions involving shares of the Company&rsquo;s common stock so executives
cannot insulate themselves from the effects of poor stock price performance. The Compensation Committee concluded that these awards
do not encourage excessive risk taking since the ultimate value of the awards is tied to the Company&rsquo;s stock price, and the
awards are staggered and subject to long-term vesting schedules to help ensure that executives have significant value tied to long-term
stock price performance.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Compensation Committee also reviewed the Company&rsquo;s
Sales Commission Plan, the Employee Stock Purchase Plan, and the post-employment compensation arrangements for its executive officers
and, in each case, concluded that such arrangements do not encourage excessive risk taking.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based upon its assessment, the Compensation Committee concluded
that the risks arising from our compensation policies and practices are not reasonably likely to have a material adverse effect
on the Company.</P>

<P STYLE="font: 30pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="lfca016"></A><B>Fiscal 2013 Summary Compensation Table</B></P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table presents summary information regarding the
total compensation awarded to, earned by or paid to the Named Executive Officers for the fiscal years ended October 31, 2013, 2012,
and 2011.</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 99%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 2px solid; background-color: White; padding-left: 2pt">Name and Principal Position</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; background-color: White">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2px solid">Year</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2px solid">Salary ($)</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2px solid">Bonus ($)</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2px solid"><B>Stock Awards</B><BR> <B>($)<SUP> (1)</SUP></B></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2px solid"><B>Non-Equity</B><BR> <B>Incentive Plan</B><BR>
    <B>Compensation ($)<SUP>(2)</SUP></B></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2px solid"><B>All Other</B><BR> <B>Compensation ($)<SUP>(3)</SUP></B></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2px solid; padding-right: 2pt">Total ($)</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(231,231,232)">
    <TD STYLE="width: 25%; font: bold 8pt Times New Roman, Times, Serif; text-align: left; background-color: White; padding-left: 2pt"><B>Arthur A. Bottone</B><SUP>(4)</SUP></TD><TD STYLE="width: 2%; font: 8pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: right; font: 8pt Times New Roman, Times, Serif">2013</TD><TD STYLE="width: 2%; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: right; font: 8pt Times New Roman, Times, Serif">386,355</TD><TD STYLE="width: 2%; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: right; font: 8pt Times New Roman, Times, Serif">&ndash;</TD><TD STYLE="width: 2%; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: right; font: 8pt Times New Roman, Times, Serif">360,000</TD><TD STYLE="width: 2%; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif">247,212</TD><TD STYLE="width: 2%; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif">1,952</TD><TD STYLE="width: 2%; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: right; font: 8pt Times New Roman, Times, Serif; padding-right: 2pt">995,519</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; background-color: White; padding-left: 2pt">President</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">2012</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">361,669</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">&ndash;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">360,000</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">230,706</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">1,972</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-right: 2pt">954,347</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(231,231,232)">
    <TD STYLE="text-align: left; border-bottom: Black 2px solid; font: 8pt Times New Roman, Times, Serif; background-color: White; padding-left: 2pt">&amp; Chief Executive Officer</TD><TD STYLE="border-bottom: Black 2px solid; font: 8pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; font: 8pt Times New Roman, Times, Serif">2011</TD><TD STYLE="border-bottom: Black 2px solid; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; font: 8pt Times New Roman, Times, Serif">315,766</TD><TD STYLE="border-bottom: Black 2px solid; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; font: 8pt Times New Roman, Times, Serif">&ndash;</TD><TD STYLE="border-bottom: Black 2px solid; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; font: 8pt Times New Roman, Times, Serif">360,000</TD><TD STYLE="border-bottom: Black 2px solid; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; font: 8pt Times New Roman, Times, Serif">161,500</TD><TD STYLE="border-bottom: Black 2px solid; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; font: 8pt Times New Roman, Times, Serif">&ndash;</TD><TD STYLE="border-bottom: Black 2px solid; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; font: 8pt Times New Roman, Times, Serif; padding-right: 2pt">837,266</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left; background-color: White; padding-left: 2pt"><B>Michael S. Bishop</B><SUP>(5)</SUP></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">2013</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">249,714</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">&ndash;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">164,400</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">89,670</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">2,508</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-right: 2pt">506,292</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(231,231,232)">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; background-color: White; padding-left: 2pt">Senior Vice President,</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">2012</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">224,961</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">&ndash;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">164,400</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">79,835</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">1,755</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-right: 2pt">470,951</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; background-color: White; padding-left: 2pt">Chief Financial Officer,</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">2011</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">186,897</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">&ndash;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">164,350</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">59,850</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">&ndash;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-right: 2pt">411,097</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(231,231,232)">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; background-color: White; padding-left: 2pt">Corporate Secretary &amp; Treasurer</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; background-color: White">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; background-color: White">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; background-color: White">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; background-color: White">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; background-color: White">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; background-color: White">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; padding-right: 2pt; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left; background-color: White; padding-left: 2pt"><B>Anthony F. Rauseo</B><SUP>(6)</SUP></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; background-color: rgb(231,231,232)">2013</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; background-color: rgb(231,231,232)">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; background-color: rgb(231,231,232)">287,310</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; background-color: rgb(231,231,232)">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; background-color: rgb(231,231,232)">&ndash;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; background-color: rgb(231,231,232)">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; background-color: rgb(231,231,232)">209,000</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; background-color: rgb(231,231,232)">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; background-color: rgb(231,231,232)">101,213</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; background-color: rgb(231,231,232)">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; background-color: rgb(231,231,232)">2,710</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; background-color: rgb(231,231,232)">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-right: 2pt; background-color: rgb(231,231,232)">600,233</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(231,231,232)">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; background-color: White; padding-left: 2pt">Senior Vice President</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; background-color: White">2012</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; background-color: White">268,638</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; background-color: White">&ndash;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; background-color: White">209,000</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; background-color: White">94,220</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; background-color: White">2,463</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-right: 2pt; background-color: White">574,320</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; background-color: White; padding-left: 2pt">&amp; Chief Operating Officer</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; background-color: rgb(231,231,232)">2011</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; background-color: rgb(231,231,232)">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; background-color: rgb(231,231,232)">247,887</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; background-color: rgb(231,231,232)">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; background-color: rgb(231,231,232)">&ndash;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; background-color: rgb(231,231,232)">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; background-color: rgb(231,231,232)">208,999</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; background-color: rgb(231,231,232)">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; background-color: rgb(231,231,232)">74,100</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; background-color: rgb(231,231,232)">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; background-color: rgb(231,231,232)">1,200</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; background-color: rgb(231,231,232)">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; padding-right: 2pt; background-color: rgb(231,231,232)">532,186</TD></TR>
</TABLE>
<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="width: 2%; text-align: justify; font: 8pt Times New Roman, Times, Serif"><I>(1)</I></TD>
    <TD STYLE="width: 98%; text-align: justify; font: 8pt Times New Roman, Times, Serif"><I>The amounts reported in the &ldquo;Stock
    Awards&rdquo; column reflect the aggregate grant date fair value of stock awards, respectively, during each of the fiscal
    years 2013, 2012, and 2011. These values have been determined under the principles used to calculate the grant date fair value
    of equity awards for purposes of the Company&rsquo;s financial statements. For a discussion of the assumptions and methodologies
    used to value the awards reported in these columns, please see the discussion of stock awards contained in Note 14 of Notes
    to Consolidated Financial Statements of the Company&rsquo;s Annual Report on Form 10-K for the fiscal year ended October 31,
    2013.</I></TD></TR>
<TR STYLE="vertical-align: top; font: 3pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 3pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 3pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 8pt Times New Roman, Times, Serif"><I>(2)</I></TD>
    <TD STYLE="text-align: justify; font: 8pt Times New Roman, Times, Serif"><I>The amounts reported in the &ldquo;Non-Equity
    Incentive Plan Compensation&rdquo; column represent the value of the annual incentive award payment made to each NEO in fiscal
    2013, 2012, and 2011, without regard to the form of payment. The amounts reported for fiscal 2013 (paid in 2014) and for fiscal
    2012 (paid in 2013) were paid in cash. The amounts reported for fiscal 2011 (paid in 2012) were paid two-thirds in cash and
    one-third in fully-vested shares of the Company&rsquo;s common stock. The number of shares subject to each award payment was
    equal to the portion of the award payment payable in shares of common stock divided by the fair market value of the Company&rsquo;s
    common stock on the date of settlement of the award.</I></TD></TR>
<TR STYLE="vertical-align: top; font: 3pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 3pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 3pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 8pt Times New Roman, Times, Serif"><I>(3)</I></TD>
    <TD STYLE="text-align: justify; font: 8pt Times New Roman, Times, Serif"><I>The amounts reported in the &ldquo;All Other Compensation&rdquo;
    column represent the aggregate Company contributions to the accounts of the NEOs for fiscal 2013 under the Company&rsquo;s
    Section 401(k) Retirement Savings plan, a tax-qualified defined contribution plan. In February 2009, the Company suspended
    the employer matching contribution, which was subsequently reinstated on January 1, 2012. Mr. Rauseo waived health insurance
    coverage in 2011 and received a $1,200 allowance in accordance with the Company&rsquo;s policy.</I></TD></TR>
<TR STYLE="vertical-align: top; font: 3pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 3pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 3pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 8pt Times New Roman, Times, Serif"><I>(4)</I></TD>
    <TD STYLE="text-align: justify; font: 8pt Times New Roman, Times, Serif"><I>On February 8, 2011, Mr. Bottone became President
    and Chief Executive Officer and his base salary was increased from $250,000 to $340,000. Effective January 1, 2012, Mr. Bottone&rsquo;s
    base salary was increased from $340,000 to $366,200. Effective January 1, 2013, Mr. Bottone&rsquo;s base salary was increased
    from $366,200 to $392,400.</I></TD></TR>
<TR STYLE="vertical-align: top; font: 3pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 3pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 3pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 8pt Times New Roman, Times, Serif"><I>(5)</I></TD>
    <TD STYLE="text-align: justify; font: 8pt Times New Roman, Times, Serif"><I>Mr. Bishop became an NEO upon his promotion from
    Vice President and Controller to Senior Vice President, Chief Financial Officer, Corporate Secretary and Treasurer on June
    14, 2011. At that time, Mr. Bishop&rsquo;s annual base salary was increased from $180,000 to $210,000. The amount reported
    in the Salary column for fiscal 2011 represents seven months of base salary at his prior salary and five months of base salary
    at the current rate. Effective January 1, 2012, Mr. Bishop&rsquo;s base salary was increased from $210,000 to $228,100. Effective
    January 1, 2013, Mr. Bishop&rsquo;s base salary was increased from $228,100 to $256,200.</I></TD></TR>
<TR STYLE="vertical-align: top; font: 3pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 3pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 3pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 8pt Times New Roman, Times, Serif"><I>(6)</I></TD>
    <TD STYLE="text-align: justify; font: 8pt Times New Roman, Times, Serif"><I>Mr. Rauseo became an NEO upon his promotion from
    Vice President-Engineering, Chief Engineer to Senior Vice President, Chief Operating Officer on July 5, 2010. At that time,
    Mr. Rauseo&rsquo;s annual base salary was increased from $181,642 to $215,000. Mr. Rauseo&rsquo;s annual base salary was increased
    from $215,000 to $260,000 effective on February 8, 2011. Effective January 1, 2012, Mr. Rauseo&rsquo;s base salary was increased
    from $260,000 to $269,200. Effective January 1, 2013, Mr. Rauseo&rsquo;s base salary was increased from $269,200 to $289,180.</I></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 96%; font: 9pt Times New Roman, Times, Serif; text-align: right"><B>FUELCELL ENERGY,
    INC.</B> - <I>Notice of Annual Meeting of Shareholders</I></TD>
    <TD STYLE="vertical-align: top; width: 4%; font: 9pt Times New Roman, Times, Serif; text-align: right"><B>21</B></TD></TR>
</TABLE>

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<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="lfca017"></A><B>Fiscal 2013 Grants of Plan-based Awards Table</B></P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table presents, for each of the Named Executive
Officers, information with respect to the awards under the fiscal 2013 Management Incentive Plan and grants of long-term equity
incentive awards made to the NEOs in fiscal 2013.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 99%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-left: 0; text-indent: 0; border-bottom: Black 2px solid"><B>Estimated Future Payouts
    Under Non-Equity</B><BR> <B>Incentive Plan Awards<SUP>(1)</SUP></B></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-left: 0; text-indent: 0">All Other<BR> Stock Awards:<BR>
    Number of<BR> Shares of Stock</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-left: 0; text-indent: 0; padding-right: 2pt">Grant Date Fair<BR> Value of
    Stock<BR> and Option</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left; text-indent: 0; padding-left: 2pt; background-color: White; border-bottom: Black 2px solid">Name</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0; background-color: White; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-left: 0; text-indent: 0; border-bottom: Black 2px solid"><B>Grant Date</B></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 0; text-indent: 0; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-left: 0; text-indent: 0; border-bottom: Black 2px solid"><B>Threshold ($)</B></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 0; text-indent: 0; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-left: 0; text-indent: 0; border-bottom: Black 2px solid"><B>Target ($)</B></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 0; text-indent: 0; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-left: 0; text-indent: 0; border-bottom: Black 2px solid"><B>Maximum ($)</B></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 0; text-indent: 0; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-left: 0; text-indent: 0; border-bottom: Black 2px solid"><B>or Units (#)<SUP>(2)</SUP></B></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 0; text-indent: 0; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-left: 0; text-indent: 0; border-bottom: Black 2px solid; padding-right: 2pt"><B>Awards ($)</B></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(231,231,232)">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left; text-indent: 0; padding-left: 2pt; background-color: White">Arthur A. Bottone</TD><TD STYLE="padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; padding-right: 2pt">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="width: 27%; text-align: left; text-indent: 0; padding-left: 10pt; font: 8pt Times New Roman, Times, Serif; background-color: White">Annual Incentive Award for Fiscal 2013</TD><TD STYLE="width: 1%; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&mdash;</TD><TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">176,580</TD><TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 1%; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 7%; text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">353,160</TD><TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 1%; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 10%; text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">441,450</TD><TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&mdash;</TD><TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; padding-right: 2pt">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; padding-right: 2pt">&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(231,231,232)">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; background-color: White">Restricted Stock Award</TD><TD STYLE="padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">3/28/2013</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&mdash;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&mdash;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&mdash;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">382,979</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; padding-right: 2pt">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; padding-right: 2pt">360,000</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left; text-indent: 0; padding-left: 2pt; background-color: White">Michael S. Bishop</TD><TD STYLE="padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; padding-right: 2pt">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(231,231,232)">
    <TD STYLE="text-align: left; text-indent: 0; padding-left: 10pt; font: 8pt Times New Roman, Times, Serif; background-color: White">Annual Incentive Award for Fiscal 2013</TD><TD STYLE="padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&mdash;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">64,050</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">128,100</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">160,125</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&mdash;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; padding-right: 2pt">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; padding-right: 2pt">&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; background-color: White">Restricted Stock Award</TD><TD STYLE="padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">3/28/2013</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&mdash;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&mdash;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&mdash;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">174,894</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; padding-right: 2pt">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; padding-right: 2pt">164,400</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(231,231,232)">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left; text-indent: 0; padding-left: 2pt; background-color: White">Anthony F. Rauseo</TD><TD STYLE="padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; padding-right: 2pt">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0; padding-left: 10pt; font: 8pt Times New Roman, Times, Serif; background-color: White">Annual Incentive Award for Fiscal 2013</TD><TD STYLE="padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&mdash;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">72,295</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">144,590</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">180,738</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&mdash;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; padding-right: 2pt">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; padding-right: 2pt">&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(231,231,232)">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; background-color: White">Restricted Stock Award</TD><TD STYLE="padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">3/28/2013</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&mdash;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&mdash;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&mdash;</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">222,340</TD><TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; padding-right: 2pt">&nbsp;</TD><TD STYLE="text-align: right; padding-left: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 2px solid; padding-right: 2pt">209,000</TD></TR>
</TABLE>
<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="width: 2%; text-align: justify; font: 8pt Times New Roman, Times, Serif"><I>(1)</I></TD>
    <TD STYLE="width: 98%; text-align: justify; font: 8pt Times New Roman, Times, Serif"><I>The actual payment with respect to
    the fiscal 2013 annual incentive awards is reported in the &ldquo;Summary Compensation Table&rdquo; under the &ldquo;Non-Equity
    Incentive Plan Compensation&rdquo; column. The amounts reported in the threshold, target and maximum columns reflect the range
    of potential payments for fiscal 2013 that could have been made under the MIP in accordance with the performance measures
    established by the Compensation Committee. Threshold amounts represent the minimum amount payable of 50% of the Target Annual
    Incentive Award for each NEO. If actual performance falls below the minimum level required, then payment of an award is at
    the discretion of the Compensation Committee and could be zero. Target amounts assume achievement of 100% of the Company&rsquo;s
    performance objectives for the fiscal year. The Maximum amounts shown represent theoretical maximum payments that could be
    made, however payout at the maximum has never been attained. For more information, see the explanation in the CD&amp;A under
    the sub-heading &ldquo;Variable Compensation&rdquo;.</I></TD></TR>
<TR STYLE="font: 3pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 3pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 3pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 8pt Times New Roman, Times, Serif"><I>(2)</I></TD>
    <TD STYLE="text-align: justify; font: 8pt Times New Roman, Times, Serif"><I>Restricted Stock Awards &ndash; Amounts reported
    in the &ldquo;All Other Stock Awards&rdquo; column represent the number of restricted shares granted to each NEO under the
    2010 Amended and Restated Equity Incentive Plans. The number of restricted shares was determined based upon the dollar value,
    as determined by the Compensation Committee, to be awarded to each NEO divided by the closing market price of the Company&rsquo;s
    common stock on the date of grant.</I></TD></TR>
</TABLE>
<P STYLE="font: 30pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="lfca018"></A><B>Grants of Plan-Based Awards</B></P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The restricted stock awards granted to the NEOs in fiscal 2013
as reflected in the Grants of Plan-Based Awards Table were granted pursuant to the Company&rsquo;s EIP. These awards were made
on the same terms as the awards granted to all other eligible employees. The material terms and conditions of these awards are
as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10pt; text-align: justify"><FONT STYLE="font-size: 9pt; color: rgb(0,112,73)"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Each award vests over four years at a rate of 25%
    per year beginning on the first anniversary of the date of grant;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt; color: rgb(0,112,73)"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">The Board of Directors may determine the effect on an award of
    the disability, death, retirement or other termination of employment of a NEO and the extent to which, and the period during
    which, the NEO&rsquo;s legal representative, guardian or designated beneficiary may receive payment of an award or exercise
    rights thereunder;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt; color: rgb(0,112,73)"><B>&bull;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">The value of each award is based upon the number of shares of
    the Company&rsquo;s common stock that could be purchased at the closing market price of the Company&rsquo;s common stock on
    the date of grant.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For further information on the restricted stock awards included
in the Grants of Plan Based Award Table, refer to the discussion of Long-Term Equity Incentive Compensation on page 19 of this
Proxy Statement.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 96%; font: 9pt Times New Roman, Times, Serif; text-align: right"><B>FUELCELL ENERGY,
    INC.</B> - <I>Notice of Annual Meeting of Shareholders</I></TD>
    <TD STYLE="vertical-align: top; width: 4%; font: 9pt Times New Roman, Times, Serif; text-align: right"><B>22</B></TD></TR>
</TABLE>

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<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A NAME="lfca019"></A><B>Fiscal 2013 Outstanding Equity Awards at Fiscal Year-End
Table</B></P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table presents for each of the Named Executive
Officers, information with respect to the outstanding equity awards held at October 31, 2013.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 99%; font: 7pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD STYLE="text-align: left; background-color: White; font-size: 7pt; padding-left: 2pt">&nbsp;</TD><TD STYLE="background-color: White; font-size: 7pt">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="text-align: center; border-bottom: Black 2px solid; font-size: 7pt"><B>Option Awards</B></TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="text-align: center; border-bottom: Black 2px solid; font-size: 7pt"><B>Stock Awards</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; background-color: White; border-bottom: Black 2px solid; font-size: 7pt; padding-left: 2pt">Name</TD><TD NOWRAP STYLE="font-weight: bold; background-color: White; border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid; font-size: 7pt"><B>Number of</B><BR> <B>Securities</B><BR> <B>Underlying</B><BR> <B>Unexercised</B><BR>
    <B>Options (#)</B><BR> <B>Exercisable<SUP>(1)</SUP></B></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid; font-size: 7pt">Number of<BR> Securities<BR> Underlying<BR> Unexercised<BR> Options (#)<BR>
    Un-exercisable</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid; font-size: 7pt"><B>Option</B><BR> <B>Exercise</B><BR> <B>Price ($)<SUP>(2)</SUP></B></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid; font-size: 7pt">Option <BR> Grant Date</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid; font-size: 7pt">Option<BR> Expiration<BR> Date</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid; font-size: 7pt"><B>Stock Award</B><BR> <B>Grant Date<SUP>(3)</SUP></B></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid; font-size: 7pt">Number of Shares<BR> or Units of Stock<BR> That Have Not<BR> Vested (#)</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid; font-size: 7pt; padding-right: 2pt"><B>Market Value</B><BR> <B>of Shares or</B><BR> <B>Units of Stock</B><BR>
    <B>That Have Not</B><BR> <B>Vested ($)<SUP>(4)</SUP></B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(231,231,232); font-size: 7pt">
    <TD STYLE="text-align: left; padding-left: 2pt; width: 13%; background-color: White; font-size: 7pt">Arthur A. Bottone</TD><TD STYLE="width: 2%; background-color: White; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="width: 2%; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="width: 2%; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="width: 2%; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="width: 2%; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="width: 2%; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right; font-size: 7pt">2/26/2010</TD><TD STYLE="width: 2%; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: right; font-size: 7pt">17,794</TD><TD STYLE="width: 2%; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: right; font-size: 7pt; padding-right: 2pt">23,844</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; background-color: White; font-size: 7pt; padding-left: 2pt">&nbsp;</TD><TD STYLE="background-color: White; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">2/08/2011</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">90,000</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt; padding-right: 2pt">120,600</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(231,231,232); font-size: 7pt">
    <TD STYLE="text-align: left; background-color: White; font-size: 7pt; padding-left: 2pt">&nbsp;</TD><TD STYLE="background-color: White; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">4/05/2012</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">210,938</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt; padding-right: 2pt">282,657</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; background-color: White; border-bottom: Black 2px solid; font-size: 7pt; padding-left: 2pt">&nbsp;</TD><TD STYLE="background-color: White; border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; font-size: 7pt">3/28/2013</TD><TD STYLE="border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; font-size: 7pt">382,979</TD><TD STYLE="border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; font-size: 7pt; padding-right: 2pt">513,192</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(231,231,232); font-size: 7pt">
    <TD STYLE="text-align: left; padding-left: 2pt; background-color: White; font-size: 7pt">Michael S. Bishop</TD><TD STYLE="background-color: White; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">7,500</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">16.41</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">11/12/2003</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">11/12/2013</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; background-color: White; font-size: 7pt; padding-left: 2pt">&nbsp;</TD><TD STYLE="background-color: White; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">7,500</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">13.78</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">3/30/2004</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">3/30/2014</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(231,231,232); font-size: 7pt">
    <TD STYLE="text-align: left; background-color: White; font-size: 7pt; padding-left: 2pt">&nbsp;</TD><TD STYLE="background-color: White; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">8,000</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">8.17</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">4/20/2005</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">4/20/2015</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; background-color: White; font-size: 7pt; padding-left: 2pt">&nbsp;</TD><TD STYLE="background-color: White; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">8,000</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">10.45</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">3/14/2006</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">3/14/2016</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(231,231,232); font-size: 7pt">
    <TD STYLE="text-align: left; background-color: White; font-size: 7pt; padding-left: 2pt">&nbsp;</TD><TD STYLE="background-color: White; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">12,700</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">6.99</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">2/05/2007</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">2/05/2017</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; background-color: White; font-size: 7pt; padding-left: 2pt">&nbsp;</TD><TD STYLE="background-color: White; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">17,000</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">8.74</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">1/30/2008</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">1/30/2018</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(231,231,232); font-size: 7pt">
    <TD STYLE="text-align: left; background-color: White; font-size: 7pt; padding-left: 2pt">&nbsp;</TD><TD STYLE="background-color: White; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">4/30/2010</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">4,664</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt; padding-right: 2pt">6,250</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; background-color: White; font-size: 7pt; padding-left: 2pt">&nbsp;</TD><TD STYLE="background-color: White; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">4/06/2011</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">16,250</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt; padding-right: 2pt">21,775</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(231,231,232); font-size: 7pt">
    <TD STYLE="text-align: left; background-color: White; font-size: 7pt; padding-left: 2pt">&nbsp;</TD><TD STYLE="background-color: White; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">6/15/2011</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">35,461</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt; padding-right: 2pt">47,518</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; background-color: White; font-size: 7pt; padding-left: 2pt">&nbsp;</TD><TD STYLE="background-color: White; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">4/05/2012</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">96,329</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt; padding-right: 2pt">129,081</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(231,231,232); font-size: 7pt">
    <TD STYLE="text-align: left; background-color: White; border-bottom: Black 2px solid; font-size: 7pt; padding-left: 2pt">&nbsp;</TD><TD STYLE="background-color: White; border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; font-size: 7pt">3/28/2013</TD><TD STYLE="border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; font-size: 7pt">174,894</TD><TD STYLE="border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; font-size: 7pt; padding-right: 2pt">234,358</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; padding-left: 2pt; background-color: White; font-size: 7pt">Anthony F. Rauseo</TD><TD STYLE="background-color: White; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">10,000</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">9.95</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">8/15/2005</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">8/15/2015</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(231,231,232); font-size: 7pt">
    <TD STYLE="text-align: left; background-color: White; font-size: 7pt; padding-left: 2pt">&nbsp;</TD><TD STYLE="background-color: White; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">10,000</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">8.75</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">11/15/2005</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">11/15/2015</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; background-color: White; font-size: 7pt; padding-left: 2pt">&nbsp;</TD><TD STYLE="background-color: White; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">7,500</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">10.45</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">3/14/2006</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">3/14/2016</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(231,231,232); font-size: 7pt">
    <TD STYLE="text-align: left; background-color: White; font-size: 7pt; padding-left: 2pt">&nbsp;</TD><TD STYLE="background-color: White; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">24,000</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">6.99</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">2/05/2007</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">2/05/2017</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; background-color: White; font-size: 7pt; padding-left: 2pt">&nbsp;</TD><TD STYLE="background-color: White; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">24,000</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">8.74</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">1/30/2008</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">1/30/2018</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(231,231,232); font-size: 7pt">
    <TD STYLE="text-align: left; background-color: White; font-size: 7pt; padding-left: 2pt">&nbsp;</TD><TD STYLE="background-color: White; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">4/30/2010</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">6,478</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt; padding-right: 2pt">8,681</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; background-color: White; font-size: 7pt; padding-left: 2pt">&nbsp;</TD><TD STYLE="background-color: White; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">7/30/2010</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">12,405</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt; padding-right: 2pt">16,623</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(231,231,232); font-size: 7pt">
    <TD STYLE="text-align: left; background-color: White; font-size: 7pt; padding-left: 2pt">&nbsp;</TD><TD STYLE="background-color: White; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">4/06/2011</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">52,778</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt; padding-right: 2pt">70,723</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; background-color: White; font-size: 7pt; padding-left: 2pt">&nbsp;</TD><TD STYLE="background-color: White; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">4/05/2012</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt">122,461</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 7pt; padding-right: 2pt">164,098</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(231,231,232); font-size: 7pt">
    <TD STYLE="text-align: left; background-color: White; border-bottom: Black 2px solid; font-size: 7pt; padding-left: 2pt">&nbsp;</TD><TD STYLE="background-color: White; border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; font-size: 7pt">3/28/2013</TD><TD STYLE="border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; font-size: 7pt">222,340</TD><TD STYLE="border-bottom: Black 2px solid; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; font-size: 7pt; padding-right: 2pt">297,936</TD></TR>
</TABLE>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font-size: 8pt">
    <TD STYLE="width: 2%; text-align: justify; font-size: 8pt"><I>(1)</I></TD>
    <TD STYLE="width: 98%; text-align: justify; font-size: 8pt"><I>Options vest at a rate of 25% per year beginning on the first anniversary of
    the date of grant.</I></TD></TR>
<TR STYLE="vertical-align: top; font-size: 3pt">
    <TD STYLE="text-align: justify; font-size: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font-size: 8pt">
    <TD STYLE="text-align: justify; font-size: 8pt"><I>(2)</I></TD>
    <TD STYLE="text-align: justify; font-size: 8pt"><I>Option exercise price is 100% of the closing market price of the Company&rsquo;s common
    stock on the date of grant as reported on the NASDAQ. </I></TD></TR>
<TR STYLE="vertical-align: top; font-size: 3pt">
    <TD STYLE="text-align: justify; font-size: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font-size: 8pt">
    <TD STYLE="text-align: justify; font-size: 8pt"><I>(3)</I></TD>
    <TD STYLE="text-align: justify; font-size: 8pt"><I>Restricted stock awards vest at a rate of 25% per year beginning on the first anniversary
    of the date of grant.</I></TD></TR>
<TR STYLE="vertical-align: top; font-size: 3pt">
    <TD STYLE="text-align: justify; font-size: 3pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font-size: 8pt">
    <TD STYLE="text-align: justify; font-size: 8pt"><I>(4)</I></TD>
    <TD STYLE="text-align: justify; font-size: 8pt"><I>The fair market value of unvested restricted stock awards is based on the per share closing
    market price of the Company&rsquo;s common stock on October 31, 2013 of $1.34.</I></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 96%; font: 9pt Times New Roman, Times, Serif; text-align: right"><B>FUELCELL ENERGY,
    INC.</B> - <I>Notice of Annual Meeting of Shareholders</I></TD>
    <TD STYLE="vertical-align: top; width: 4%; font: 9pt Times New Roman, Times, Serif; text-align: right"><B>23</B></TD></TR>
</TABLE>
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<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="lfca020"></A><B>Fiscal 2013 Option Exercises and Stock Vested Table</B></P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table presents, for each of the Named Executive
Officers, the number of shares of the Company&rsquo;s common stock acquired upon the vesting of restricted stock awards during
fiscal 2013, and the aggregate value realized upon the vesting of such awards. There were no stock options exercised by any of the NEOs during fiscal 2013. For
purposes of this table, the value realized is based upon the fair market value of the Company&rsquo;s common stock on each vesting
date.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 99%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1px; padding-left: 12pt; text-indent: -10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid">Option Awards</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px">&nbsp;</TD><TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt"><B>Stock Awards<SUP>(1)</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-indent: -10pt; padding-left: 12pt; border-bottom: Black 2px solid">Name</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid">Number of<BR> &nbsp;Shares Acquired<BR> on Exercise (#)</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid">Value Realized<BR> on Exercise ($)</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt"><B>Number of</B></FONT><BR> <FONT STYLE="font-size: 9pt"><B>&nbsp;Shares Acquired</B></FONT><BR> <FONT STYLE="font-size: 9pt"><B>on Vesting (#)</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid"><SUP>&nbsp;</SUP></TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt"><B>Value Realized</B></FONT><BR> <FONT STYLE="font-size: 9pt"><B>&nbsp;on Vesting ($)<SUP>(2)</SUP></B></FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #E7E7E8">
    <TD STYLE="width: 28%; text-align: left; text-indent: -10pt; padding-left: 12pt">Arthur A Bottone</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 14%; text-align: right">N/A</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 14%; text-align: right">N/A</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">133,105</TD><TD STYLE="width: 1%; text-align: left"><SUP>(3)</SUP></TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">131,382</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 12pt">Michael S. Bishop</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">N/A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">N/A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">67,015</TD><TD STYLE="text-align: left"><SUP>(4)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69,084</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #E7E7E8">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 12pt; border-bottom: Black 2px solid">Anthony F. Rauseo</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid">N/A</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid">N/A</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2px solid">92,340</TD><TD STYLE="text-align: left; border-bottom: Black 2px solid"><SUP>(5)</SUP></TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2px solid">90,577</TD><TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD></TR>
</TABLE>





<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 8pt">
<TD STYLE="width: 2%; text-align: left; font-size: 8pt"><I>(1)</I></TD><TD STYLE="text-align: justify; width: 98%; font-size: 8pt"><I>Represents the gross number of shares acquired and value
received on vesting of restricted stock awards, without reduction for the number of shares withheld to pay applicable withholding
taxes. Shares and value net of withholding are discussed in the following footnotes.</I></TD>
</TR></TABLE>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 8pt">
<TD STYLE="width: 2%; text-align: left; font-size: 8pt"><I>(2)</I></TD><TD STYLE="text-align: justify; width: 98%; font-size: 8pt"><I>The amount reported in the &ldquo;Value Realized on
Vesting&rdquo; column is computed by multiplying the number of shares of the Company&rsquo;s common stock that vested by the closing
market price of the Company&rsquo;s common stock on the applicable vesting date.</I></TD>
</TR></TABLE>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 8pt">
<TD STYLE="width: 2%; text-align: left; font-size: 8pt"><I>(3)</I></TD><TD STYLE="text-align: justify; width: 98%; font-size: 8pt"><I>Represents the vesting of the first tranche (25%) of
Mr. Bottone&rsquo;s April 5, 2012 award of 281,250 shares of restricted stock, the vesting of the second tranche (25%) of his
February 8, 2011 award of 180,000 shares of restricted stock; and the vesting of the third tranche (25%) of his February 26, 2010
award of 71,174 shares of restricted stock, in accordance with the terms of each award.</I></TD>
</TR></TABLE>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 8pt">
<TD STYLE="width: 2%; text-align: left; font-size: 8pt"><I>(4)</I></TD><TD STYLE="text-align: justify; width: 98%; font-size: 8pt"><I>Represents the vesting of the first tranche of Mr. Bishop&rsquo;s
April 5, 2012 award of 128,438 shares of restricted stock; the vesting of the second tranche of his June 15, 2011 award of 70,922
shares of restricted stock; the vesting of the second tranche (25%) of his April 6, 2011 award of 32,500 share of restricted stock;
the vesting of the third tranche (25%) of his April 30, 2010 award of 18,655 shares of restricted stock; and the vesting of the
fourth tranche (25%) of his March 25, 2009 award of 17,544 shares of restricted stock, in accordance with the terms of each award.</I></TD>
</TR></TABLE>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 8pt">
<TD STYLE="width: 2%; text-align: left; font-size: 8pt"><I>(5)</I></TD><TD STYLE="text-align: justify; width: 98%; font-size: 8pt"><I>Represents the vesting of the first tranche (25%) of
Mr. Rauseo&rsquo;s April 5, 2012 award of 163,281 shares of restricted stock; the vesting of the second tranche (25%) of his April
6, 2011 award of 105,555 shares of restricted stock; the vesting of the third tranche (25%) of his July 30, 2010 award of 49,618
shares of restricted stock; the vesting of the third tranche (25%) of his April 30, 2010 award of 25,909 shares of restricted
stock; and the vesting of the fourth tranche (25%) of his March 25, 2009 award of 25,000 shares of restricted stock, in accordance
with the term of each award.</I></TD>
</TR></TABLE>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: rgb(0,112,73) 2px solid"><B>Employment Agreements and Change of Control and Severance</B></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Messrs. Bottone, Bishop and Rauseo have employment agreements
with the Company, under which they are eligible to receive certain severance payments and benefits in connection with a termination
of employment under various circumstances, including following a change of control of the Company.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In reporting the estimated potential payments and benefits payable
to each NEO in the event of termination of employment as of October 31, 2013, we assumed the terms of these agreements were applicable.
The actual amounts that would be paid or distributed to the NEOs as a result of one of the termination events occurring in the
future may be different than those presented below as many factors will affect the amount of any payments and benefits upon a termination
of employment. For example, some of the factors that could affect the amounts payable include the NEO&rsquo;s base salary and the
market price of the Company&rsquo;s common stock. In addition, although we have entered into written arrangements to provide severance
payments and benefits to the NEOs in connection with a termination of employment under particular circumstances, we may mutually
agree with the NEOs on severance terms that vary from those provided in these pre-existing agreements. Finally, in addition to
the amounts presented below, each NEO would also be able to exercise any previously-vested stock options that he held. For more
information about the NEOs&rsquo; outstanding equity awards as of October 31, 2013, see &ldquo;Fiscal 2013 Outstanding Equity Awards
at Fiscal Year-End Table.&rdquo;</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the severance payments and benefits described
in each NEO&rsquo;s individual employment agreement, these executive officers are eligible to receive any benefits accrued under our broad-based
benefit plans, such as accrued vacation pay, in accordance with those plans and policies.</P>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73)"><B>Mr. Bottone</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #009400">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 8, 2011, the Company entered into a new employment
agreement (the &ldquo;<B>Agreement</B>&rdquo;) with Mr. Bottone upon his promotion to President and Chief Executive Officer. The
Agreement, which is terminable by either party upon 30 days written notice, sets forth the terms and conditions of employment for
Mr. Bottone including his initial base salary, which is to be reviewed at least annually by the Board of Directors, and target
annual incentive award opportunity. The Agreement also provides Mr. Bottone with the opportunity to participate in insurance plans
and other employee benefits as may be generally available to other employees of the Company. The Agreement also contains non-disclosure
provisions and prohibits Mr. Bottone from competing with the Company during the term of his employment and for a period of two
years thereafter.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event of a change in control of the Company leading to
a voluntary resignation by Mr. Bottone or, in the event Mr. Bottone&rsquo;s employment is terminated by the Company without cause,
he is eligible to receive a severance payment in an amount equal to two times his then-current annual base salary as of the date
of termination plus the average of the bonuses paid to him since the effective date of his employment agreement. In the event of
termination of Mr. Bottone&rsquo;s employment by the Company for cause, the Company shall pay Mr. Bottone any</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%">
<TR>
    <TD STYLE="vertical-align: top; width: 96%; padding-left: 9pt; font-size: 9pt; text-indent: -9pt; text-align: right"><B>FUELCELL ENERGY, INC.</B> - <I>Notice of Annual Meeting of Shareholders</I></TD>
    <TD STYLE="vertical-align: bottom; width: 4%; text-align: right"><FONT STYLE="font-size: 9pt"><B>24</B></FONT></TD></TR>
</TABLE>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">base salary and vacation accrued but as yet unpaid on the effective
date of such termination. Mr. Bottone&rsquo;s outstanding and unvested stock options and restricted stock awards accelerate and
immediately vest upon a change of control of the Company.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 15, 2011, the independent members of the Board of
Directors approved the following modifications to Mr. Bottone&rsquo;s employment agreement:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 2%; text-align: left"><FONT STYLE="color: #007049">a)</FONT></TD><TD STYLE="text-align: justify; width: 98%">beginning in fiscal 2012, Mr. Bottone&rsquo;s target annual
incentive award opportunity was increased from 50% to 90% of his annual base salary;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 2%; text-align: left"><FONT STYLE="color: #007049">b)</FONT></TD><TD STYLE="text-align: justify; width: 98%">in the event Mr. Bottone&rsquo;s employment is terminated
without cause or he resigns for good reason, his severance benefits include payment of health insurance premiums (under COBRA)
at the Company&rsquo;s expense for 12 months (or 18 months, if the termination event occurs in connection with a change in control
of the Company), unless such coverage is provided by a successor employer; and,</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 2%; text-align: left"><FONT STYLE="color: #007049">c)</FONT></TD><TD STYLE="text-align: justify; width: 98%">in the event of a change in control of the Company leading
to a voluntary resignation by Mr. Bottone or, in the event Mr. Bottone&rsquo;s employment is terminated by the Company without
cause, in each case during the period beginning three months prior to and ending 18 months after a change in control, he will
be eligible to receive payment of severance benefits as described above.</TD>
</TR></TABLE>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth the potential (estimated) payments
and benefits to which Mr. Bottone would be eligible to receive upon termination of employment or following a change in control
of the Company, as specified under his agreement assuming each circumstance described below occurred on October 31, 2013.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>POTENTIAL PAYMENTS AND BENEFITS UPON
A TERMINATION OF EMPLOYMENT OR A CHANGE IN CONTROL</B> <B>OF THE COMPANY FOR MR. BOTTONE</B></P>

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



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 99%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid; padding-left: 12pt; text-indent: -10pt"><FONT STYLE="font-size: 9pt"><B>Executive Payments and Benefits<SUP>(1)</SUP></B></FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt"><B>Termination without</B></FONT><BR> <FONT STYLE="font-size: 9pt"><B>Cause or Resignation</B></FONT><BR> <FONT STYLE="font-size: 9pt"><B>for Good Reason<SUP>(2)</SUP></B></FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt"><B>Death or</B></FONT><BR> <FONT STYLE="font-size: 9pt"><B>Disability<SUP>(2)</SUP></B></FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid; padding-right: 2pt"><FONT STYLE="font-size: 9pt"><B>Following Change</B></FONT><BR> <FONT STYLE="font-size: 9pt"><B>in Control of</B></FONT><BR> <FONT STYLE="font-size: 9pt"><B>the Company<SUP>(2)</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #E7E7E8">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -10pt">Accelerated vesting:</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font-size: 9pt">Stock options<SUP>(3)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">N/A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">N/A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt">N/A</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #E7E7E8">
    <TD STYLE="width: 45%; padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font-size: 9pt">Restricted Shares<SUP>(3) (4)</SUP></FONT></TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: right">N/A</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: right">N/A</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 16%; text-align: right; padding-right: 2pt">$940,293</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -10pt">Payment for annual incentive award</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt">-</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #E7E7E8">
    <TD STYLE="text-align: left; padding-left: 12pt; text-indent: -10pt"><FONT STYLE="font-size: 9pt">Continued Health Insurance Premiums<SUP>(5)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">$21,581</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt">$32,372</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 12pt; text-indent: -10pt"><FONT STYLE="font-size: 9pt">Severance payment<SUP>(6)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">$1,177,006</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt">$1,177,006</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #E7E7E8">
    <TD STYLE="font-weight: bold; border-bottom: Black 2px solid; padding-left: 12pt; text-indent: -10pt; border-top: Black 2px solid">TOTAL</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid; border-top: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid; border-top: Black 2px solid">$1,198,587</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid; border-top: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid; border-top: Black 2px solid">$&nbsp;&nbsp;&nbsp;&nbsp;-</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid; border-top: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid; padding-right: 2pt; border-top: Black 2px solid">$2,149,671</TD></TR>
</TABLE>





<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 8pt">
<TD STYLE="width: 0pt; font-size: 8pt"></TD><TD STYLE="width: 2%; text-align: left; font-size: 8pt"><I>(1)</I></TD><TD STYLE="text-align: justify; width: 98%; font-size: 8pt"><I>For purposes of this analysis, we have assumed that
Mr. Bottone&rsquo;s compensation is as follows: base salary equal to $392,400, annual incentive award payment paid for fiscal
2011 equal to $161,500 and for fiscal 2012 equal to $230,706, and outstanding restricted stock awards as reflected in the Fiscal
2013 Outstanding Equity Awards at Fiscal Year-End Table, on page 23 of this Proxy Statement. These amounts reflect the terms of
his compensation arrangements as approved by the independent members of the Board of Directors, effective January 1, 2012.</I></TD>
</TR></TABLE>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 8pt">
<TD STYLE="width: 0pt; font-size: 8pt"></TD><TD STYLE="width: 2%; text-align: left; font-size: 8pt"><I>(2)</I></TD><TD STYLE="text-align: justify; width: 98%; font-size: 8pt"><I>Assumes Mr. Bottone&rsquo;s date of termination of employment
was October 31, 2013. The market price of the Company&rsquo;s common stock on October 31, 2013 was $1.34 per share.</I></TD>
</TR></TABLE>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 8pt">
<TD STYLE="width: 0pt; font-size: 8pt"></TD><TD STYLE="width: 2%; text-align: left; font-size: 8pt"><I>(3)</I></TD><TD STYLE="text-align: justify; width: 98%; font-size: 8pt"><I>Mr. Bottone&rsquo;s employment agreement provides for
accelerated vesting of his outstanding and unvested stock options and restricted stock awards upon a change in control of the
Company. Assuming a change in control occurred on October 31, 2013, Mr. Bottone would receive accelerated vesting of 701,711 shares
of restricted stock which have a value of $940,293. Mr. Bottone has no outstanding stock options.</I></TD>
</TR></TABLE>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 8pt">
<TD STYLE="width: 0pt; font: 3pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 2%; text-align: left; font-size: 8pt"><I>(4)</I></TD><TD STYLE="text-align: justify; width: 98%; font-size: 8pt"><I>The value of the restricted stock awards is based on
701,711 shares at $1.34 per share at October 31, 2013 that had not vested.</I></TD>
</TR></TABLE>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 8pt">
<TD STYLE="width: 0pt; font-size: 8pt"></TD><TD STYLE="width: 2%; text-align: left; font-size: 8pt"><I>(5)</I></TD><TD STYLE="text-align: justify; width: 98%; font-size: 8pt"><I>Mr. Bottone is eligible to receive payment of continued
health insurance for a period of 12 months upon termination of employment without cause or resignation for good reason and 18
months if termination of employment without cause occurs in connection with a change in control of the Company.</I></TD>
</TR></TABLE>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 8pt">
<TD STYLE="width: 0pt; font-size: 8pt"></TD><TD STYLE="width: 2%; text-align: left; font-size: 8pt"><I>(6)</I></TD><TD STYLE="text-align: justify; width: 98%; font-size: 8pt"><I>Mr. Bottone is eligible to receive a severance payment
equal to two years of his base salary plus a bonus payment for the Severance Period equal to the average of the bonuses awarded
to him since his appointment as NEO.</I></TD>
</TR></TABLE>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73)"><B>Messrs. Bishop and Rauseo</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #009400">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective January 1, 2012, the Company entered into new employment
agreements (the &ldquo;<B>Agreements</B>&rdquo;) with Messrs. Bishop and Rauseo. The Agreements set forth the terms and conditions
of their employment including the initial annual base salary and annual incentive award opportunity which is equal to 50% of base
salary and payable in accordance with the terms of the Management Incentive Plan described on page 18 of this proxy statement.
Messrs. Bishop and Rauseo are also eligible to participate in insurance plans and other employee benefits as may be generally available
to other employees of the Company.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event Messrs. Bishop or Rauseo&rsquo;s employment
is terminated by the Company without cause, or either resigns for &ldquo;good reason&rdquo; (as defined in the agreements),
each is eligible to receive a severance payment in an amount equal to six months of his then-current annual base salary as of
the date of termination. In the event of a change in control of the Company leading to a voluntary resignation by either Mr.
Bishop or Mr. Rauseo, or, in the event their employment is terminated by the Company without cause, each of their outstanding
and unvested stock options and restricted stock awards accelerate and immediately vest. In addition, they are each eligible
to receive a severance payment in an amount equal to one year of their base salary as of the date of termination plus the
average of the bonuses paid to them since their appointment as executive officers of the Company. In the event of termination
of their employment by the Company for cause, the Company shall pay each of them any base salary and vacation accrued but as
yet unpaid on the effective date of such termination.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following tables set forth the potential (estimated) payments
and benefits to which Messrs. Bishop and Rauseo would be eligible to receive upon termination of employment or following a change
in control of the Company, as specified under their agreements assuming each circumstance described below occurred on October 31,
2013.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%">
<TR>
    <TD STYLE="vertical-align: top; width: 96%; padding-left: 9pt; text-indent: -9pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>FUELCELL ENERGY, INC.</B> - <I>Notice of Annual Meeting of Shareholders</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 4%; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>25</B></FONT></TD></TR>
</TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 9pt"><B>POTENTIAL PAYMENTS AND BENEFITS
UPON A TERMINATION OF EMPLOYMENT OR A CHANGE IN CONTROL</B></FONT> <FONT STYLE="font-size: 9pt"><B>OF THE COMPANY FOR MR. BISHOP</B></FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 99%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 12pt; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt"><B>Executive Payments and Benefits<SUP>(1)</SUP></B></FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt"><B>Termination without</B></FONT><BR> <FONT STYLE="font-size: 9pt"><B>Cause or Resignation</B></FONT><BR> <FONT STYLE="font-size: 9pt"><B>for Good Reason<SUP>(2)</SUP></B></FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt"><B>Death or</B></FONT><BR> <FONT STYLE="font-size: 9pt"><B>Disability<SUP>(2)</SUP></B></FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid; padding-right: 2pt"><FONT STYLE="font-size: 9pt"><B>Following Change</B></FONT><BR> <FONT STYLE="font-size: 9pt"><B>in Control of</B></FONT><BR> <FONT STYLE="font-size: 9pt"><B>the Company<SUP>(2)</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #E7E7E8">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 12pt">Accelerated vesting:</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font-size: 9pt">Stock options<SUP>(3)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">N/A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">N/A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt">N/A</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #E7E7E8">
    <TD STYLE="width: 45%; padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font-size: 9pt">Restricted Shares<SUP>(3) (4)</SUP></FONT></TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: right">N/A</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: right">N/A</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 16%; text-align: right; padding-right: 2pt">$438,981</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 12pt">Payment for annual incentive award</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt">-</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #E7E7E8">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 12pt"><FONT STYLE="font-size: 9pt">Continued Health Insurance Premiums<SUP>(5)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">$9,079</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt">$18,157</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 12pt; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">Severance payment<SUP>(6)</SUP></FONT></TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid">$128,100</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid">-</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; padding-right: 2pt">$326,043</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #E7E7E8">
    <TD STYLE="font-weight: bold; text-indent: -10pt; padding-left: 12pt; border-bottom: Black 2px solid">TOTAL</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid">$137,179</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid">$-</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid; padding-right: 2pt">$783,181</TD></TR>
</TABLE>



<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 8pt">
<TD STYLE="width: 9pt; text-align: left; font-size: 8pt"><I>(1)</I></TD><TD STYLE="text-align: justify; font-size: 8pt"><I>For purposes of this analysis, we have assumed that
Mr. Bishop&rsquo;s compensation is as follows: base salary equal to $256,200, annual incentive award payment paid for fiscal 2011
equal to $59,850 and for fiscal 2012 equal to $79,835, and outstanding restricted stock awards as reflected in the Fiscal 2013
Outstanding Equity Awards at Fiscal Year-End Table, on page 23 of this Proxy Statement. These amounts reflect the terms of his
compensation arrangements as approved by the Compensation Committee, effective January 1, 2012.</I></TD>
</TR></TABLE>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 8pt">
<TD STYLE="width: 10pt; text-align: left; font-size: 8pt"><I>(2)</I></TD><TD STYLE="text-align: justify; font-size: 8pt"><I>Assumes Mr. Bishop&rsquo;s date of termination of employment
was October 31, 2013. The market price of the Company&rsquo;s common stock on October 31, 2013 was $1.34 per share.</I></TD>
</TR></TABLE>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 8pt">
<TD STYLE="width: 10pt; text-align: left; font-size: 8pt"><I>(3)</I></TD><TD STYLE="text-align: justify; font-size: 8pt"><I>Assuming termination of employment occurs for any reason
other than for cause, Mr. Bishop is to receive accelerated vesting of his outstanding and unvested stock options and restricted
stock awards upon a change in control of the Company. As of October 31, 2013, Mr. Bishop held 327,598 unvested shares of restricted
stock. All stock options held were fully vested and out-of-the-money.</I></TD>
</TR></TABLE>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 8pt">
<TD STYLE="width: 10pt; text-align: left; font-size: 8pt"><I>(4)</I></TD><TD STYLE="text-align: justify; font-size: 8pt"><I>The value of the restricted stock awards is based on
327,598 shares at $1.34 per share at October 31, 2013 that had not vested.</I></TD>
</TR></TABLE>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 8pt">
<TD STYLE="width: 10pt; text-align: left; font-size: 8pt"><I>(5)</I></TD><TD STYLE="text-align: justify; font-size: 8pt"><I>Mr. Bishop is eligible to receive payment of continued
health insurance for a period of six months in the event his employment is terminated without cause or he resigns for good reason
and 12 months if his employment is terminated without cause pursuant to a change in control of the Company.</I></TD>
</TR></TABLE>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 8pt">
<TD STYLE="width: 10pt; text-align: left; font-size: 8pt"><I>(6)</I></TD><TD STYLE="text-align: justify; font-size: 8pt"><I>In the event Mr. Bishop&rsquo;s employment is terminated
without cause or he resigns for good reason, he is eligible to receive a severance payment equal to six months of his base salary;
in the event his employment is terminated without cause pursuant to a change in control of the Company, he is eligible for 12
months of his base salary plus a bonus payment for the Severance Period equal to the average of the bonuses awarded to him since his appointment as NEO.</I></TD>
</TR></TABLE>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 9pt"><B>POTENTIAL PAYMENTS AND BENEFITS
UPON A TERMINATION OF EMPLOYMENT OR A CHANGE IN CONTROL</B></FONT> <FONT STYLE="font-size: 9pt"><B>OF THE COMPANY FOR MR. RAUSEO</B></FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 99%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 12pt; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt"><B>Executive Payments and Benefits<SUP>(1)</SUP></B></FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt"><B>Termination without</B></FONT><BR> <FONT STYLE="font-size: 9pt"><B>Cause or Resignation</B></FONT><BR> <FONT STYLE="font-size: 9pt"><B>for Good Reason<SUP>(2)</SUP></B></FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt"><B>Death or</B></FONT><BR> <FONT STYLE="font-size: 9pt"><B>Disability<SUP>(2)</SUP></B></FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid; padding-right: 2pt"><FONT STYLE="font-size: 9pt"><B>Following Change</B></FONT><BR> <FONT STYLE="font-size: 9pt"><B>in Control of</B></FONT><BR> <FONT STYLE="font-size: 9pt"><B>the Company<SUP>(2)</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #E7E7E8">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 12pt">Accelerated vesting:</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 20pt"><FONT STYLE="font-size: 9pt">Stock options<SUP>(3)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">N/A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">N/A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt">N/A</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #E7E7E8">
    <TD STYLE="width: 45%; text-indent: -10pt; padding-left: 20pt"><FONT STYLE="font-size: 9pt">Restricted Shares<SUP>(3) (4)</SUP></FONT></TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: right">N/A</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: right">N/A</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 16%; text-align: right; padding-right: 2pt">$558,059</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 12pt">Payment for annual incentive award</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt">-</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #E7E7E8">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 12pt"><FONT STYLE="font-size: 9pt">Continued Health Insurance Premiums<SUP>(5)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">$6,713</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt">$13,427</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 12pt; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">Severance payment<SUP>(6)</SUP></FONT></TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid">$144,590</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid">-</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; padding-right: 2pt">$354,962</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #E7E7E8">
    <TD STYLE="font-weight: bold; text-indent: -10pt; padding-left: 12pt; border-bottom: Black 2px solid">TOTAL</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid">$151,303</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid">$-</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid; padding-right: 2pt">$926,448</TD></TR>
</TABLE>



<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 8pt">
<TD STYLE="width: 0pt; font-size: 8pt"></TD><TD STYLE="width: 2%; text-align: left; font-size: 8pt"><I>(1)</I></TD><TD STYLE="text-align: justify; width: 98%; font-size: 8pt"><I>For purposes of this analysis, we have assumed that
Mr. Rauseo&rsquo;s compensation is as follows: base salary equal to $289,180, annual incentive award payment paid for fiscal 2011
equal to $74,100 and for fiscal 2012 equal to $94,220, and outstanding restricted stock awards as reflected in the Outstanding
Equity Awards at Fiscal Year-End Table, on page 23 of this Proxy Statement. These amounts reflect the terms of the executive&rsquo;s
compensation package approved by the Compensation Committee, effective January 1, 2012.</I></TD>
</TR></TABLE>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 8pt">
<TD STYLE="width: 0pt; font-size: 8pt"></TD><TD STYLE="width: 2%; text-align: left; font-size: 8pt"><I>(2)</I></TD><TD STYLE="text-align: justify; width: 98%; font-size: 8pt"><I>Assumes Mr. Rauseo&rsquo;s date of termination of employment
was October 31, 2013. The market price of the Company&rsquo;s common stock on October 31, 2013 was $1.34 per share.</I></TD>
</TR></TABLE>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 8pt">
<TD STYLE="width: 0pt; font-size: 8pt"></TD><TD STYLE="width: 2%; text-align: left; font-size: 8pt"><I>(3)</I></TD><TD STYLE="text-align: justify; width: 98%; font-size: 8pt"><I>Assuming termination occurs for any reason other than
for Cause, Mr. Rauseo is to receive accelerated vesting of his outstanding and unvested stock options and restricted stock awards
upon a change in control of the Company. As of October 31, 2013, Mr. Rauseo held 416,462 unvested shares of restricted stock.
All stock options were fully vested and out-of-the-money. (4) The value of the restricted stock awards is based on 416,462 shares
at $1.34 per share at October 31, 2013 that had not vested.</I></TD>
</TR></TABLE>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 8pt">
<TD STYLE="width: 0pt; font-size: 8pt"></TD><TD STYLE="width: 2%; text-align: left; font-size: 8pt"><I>(4)</I></TD><TD STYLE="text-align: justify; width: 98%; font-size: 8pt"><I>The value of the restricted stock awards is based on 416,462 shares
at $1.34 per share at October 31, 2013 that had not vested.</I></TD>
</TR></TABLE>
<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 8pt">
<TD STYLE="width: 0pt; font-size: 8pt"></TD><TD STYLE="width: 2%; text-align: left; font-size: 8pt"><I>(5)</I></TD><TD STYLE="text-align: justify; width: 98%; font-size: 8pt"><I>Mr. Rauseo is eligible to receive payment of continued
health insurance for a period of six months in the event his employment is terminated without cause or he resigns for good reason
and 12 months if his employment is terminated without cause pursuant to a change in control of the Company.</I></TD>
</TR></TABLE>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 8pt">
<TD STYLE="width: 0pt; font-size: 8pt"></TD><TD STYLE="width: 2%; text-align: left; font-size: 8pt"><I>(6)</I></TD><TD STYLE="text-align: justify; width: 98%; font-size: 8pt"><I>In the event Mr. Rauseo&rsquo;s employment is terminated
without cause or he resigns for good reason, he is eligible to receive a severance payment equal to six months of his base salary;
in the event his employment is terminated without cause pursuant to a change in control of the Company, he is eligible for 12
months of his base salary plus a bonus payment for the Severance Period equal to the average of the bonuses awarded to him since his appointment as NEO.</I></TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%">
<TR>
    <TD STYLE="vertical-align: top; width: 96%; padding-left: 9pt; font-size: 9pt; text-indent: -9pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>FUELCELL
ENERGY, INC.</B> - <I>Notice of Annual Meeting of Shareholders</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 4%; text-align: right"><FONT STYLE="font-size: 9pt"><B>26</B></FONT></TD></TR>
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<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73)"><A NAME="lfca021"></A><B>DIRECTOR COMPENSATION</B></P>

<P STYLE="font: 30pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,148,0)">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of Directors periodically reviews director compensation.
The compensation and benefits program for non-employee directors described below was approved by the Board of Directors in fiscal
2005 and was amended by the Board in fiscal 2008. In recommending this program to the Board of Directors, the Compensation Committee
was guided by the following goals: compensation should fairly pay directors, compensation should align directors&rsquo; interests
with the long-term interests of our shareholders and the structure of the compensation should be simple, transparent and easy for
our shareholders to understand.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The compensation of the directors includes a combination of
both cash and equity. Directors receive an annual retainer and committee member and chair fees. Directors may elect to receive
these fees in cash, shares of the Company&rsquo;s common stock or options to purchase shares of the Company&rsquo;s common stock.
In addition, directors also receive an annual long-term equity incentive award. Following is a description of the components of
the director compensation program.</P>

<P STYLE="font: 30pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="lfca022"></A><B>New Board Members</B></P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon election to the Board of Directors, a non-employee director
is granted a non-qualified option to purchase 40,000 shares of the Company&rsquo;s common stock. The value of each award is based
upon the number of shares of the Company&rsquo;s common stock that could be purchased at the closing market price of the Company&rsquo;s
common stock on the date of grant.</P>

<P STYLE="font: 30pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="lfca023"></A><B>Annual Director Compensation</B></P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The standard fee arrangements for non-employee directors include
a retainer of $30,000 per year for service as a director. In addition, committee fees have been established based upon the expected
number of meetings and level of activity during the year. Non-Chair committee fees are $5,000 for the first committee of which
the director is a member and $2,500 for each additional committee of which the director is a member. Chair committee fees are $12,500
for the Compensation, Audit and Finance, Executive, Government Affairs and Nominating and Corporate Governance Committees. The
non-employee Chairman of the Board receives a fee of $20,000 annually.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the fees described above, the non-employee
directors also receive a long-term equity incentive award valued at $28,000 per year which may be delivered in the form of
shares of the Company&rsquo;s common stock or an option to purchase shares of the Company&rsquo;s common stock (at the
election of the director).</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a non-employee director chooses to receive his long-term
equity incentive award or his director fees in the form of an option to purchase shares of the Company&rsquo;s common stock, the
total number of shares of common stock subject to the option is based on a Black-Scholes calculation as determined on or about
the date of the Company&rsquo;s annual meeting of shareholders. The exercise price of any options will be equal to the closing
market price of the Company&rsquo;s common stock on such date. These options vest at the rate of 25% per fiscal quarter from the
date of grant.</P>

<P STYLE="font: 30pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="lfca024"></A><B>Directors Deferred Compensation Plan</B></P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Company&rsquo;s Directors Deferred
Compensation Plan, directors may elect to defer until a predetermined date or until they leave the Board of Directors,
receipt of all or a portion of their fees, whether paid in cash or equity. The election to defer receipt of all or a portion
of their fees must be made by the director prior to December 31<SUP>st </SUP>of each calendar year or, with respect to a
newly eligible director, within 30 days after such director becomes eligible to participate in the Directors Deferred
Compensation Plan.</P>

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

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<TR>
    <TD STYLE="vertical-align: top; width: 96%; padding-left: 9pt; text-indent: -9pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>FUELCELL ENERGY, INC.</B> - <I>Notice of Annual Meeting of Shareholders</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 4%; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>27</B></FONT></TD></TR>
</TABLE>

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<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="lfca025"></A><B>Reimbursement of Expenses</B></P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company reimburses directors for reasonable expenses incurred
in connection with the performance of their duties as directors.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><B>FISCAL 2013 NON-EMPLOYEE DIRECTOR COMPENSATION TABLE</B></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 99%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-indent: -9pt; padding-left: 11pt; border-bottom: Black 2px solid">Name of Director</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid">Fees Earned or<BR> Paid in Cash<BR> ($)</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt"><B>Stock Awards</B></FONT><BR> <FONT STYLE="font-size: 9pt"><B>($)<SUP> (1)</SUP></B></FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt"><B>Option Awards</B></FONT><BR>
    <FONT STYLE="font-size: 9pt"><B>($)<SUP> (1) (2) (3)</SUP></B></FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid">All Other<BR> Compensation<BR> ($)</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid; padding-right: 2pt"><FONT STYLE="font-size: 9pt"><B>Total ($)<SUP>(4)</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #E7E7E8">
    <TD STYLE="width: 22%; text-align: left; text-indent: -9pt; padding-left: 11pt">Richard A. Bromley</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: right">45,000</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: right">28,000</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: right">-</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: right">-</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: right; padding-right: 2pt">73,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 11pt">James Herbert England</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">47,500</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">28,000</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt">75,500</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #E7E7E8">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 11pt">James D. Gerson</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">47,500</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">28,000</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt">75,500</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 11pt">William Lawson</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">30,000</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">43,000</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt">73,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #E7E7E8">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 11pt">John A. Rolls</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">85,500</TD><TD><SUP>(3)</SUP></TD>
    <TD STYLE="text-align: right">-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt">85,500</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 11pt; border-bottom: Black 2px solid">Togo Dennis West Jr.</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid">37,500</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid">28,000</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid">-</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid">-</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; padding-right: 2pt">65,500</TD></TR>
</TABLE>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><B>THE FOLLOWING TABLE SETS FORTH THE NON-EMPLOYEE DIRECTOR
COMPENSATION FOR FISCAL 2013 BY FEE TYPE</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 99%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-indent: -9pt; padding-left: 11pt; border-bottom: Black 2px solid">Name of Director</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid">Long-Term<BR> Incentive<BR> Equity Award<BR> ($)</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid">Annual<BR> Retainer Fees<BR> ($)</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid">Committee<BR> Participation Fees<BR> ($)</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid; padding-right: 2pt"><FONT STYLE="font-size: 9pt"><B>Total ($)<SUP>(1)</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #E7E7E8">
    <TD STYLE="width: 37%; text-align: left; text-indent: -9pt; padding-left: 11pt">Richard A. Bromley</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: right">28,000</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: right">30,000</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: right">15,000</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: right; padding-right: 2pt">73,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 11pt">James Herbert England</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">28,000</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">30,000</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">17,500</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt">75,500</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #E7E7E8">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 11pt">James D. Gerson</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">28,000</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">30,000</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">17,500</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt">75,500</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 11pt">William Lawson</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">28,000</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">30,000</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">15,000</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2pt">73,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #E7E7E8">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 11pt">John A. Rolls</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">28,000</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">30,000</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">27,500</TD><TD><SUP>(5)</SUP></TD>
    <TD STYLE="text-align: right; padding-right: 2pt">85,500</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 11pt; border-bottom: Black 2px solid">Togo Dennis West Jr.</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid">28,000</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid">30,000</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid">7,500</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; padding-right: 2pt">65,500</TD></TR>
</TABLE>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 8pt">
<TD STYLE="width: 0pt; font-size: 8pt"></TD><TD STYLE="width: 2%; text-align: left; font-size: 8pt"><I>(1)</I></TD><TD STYLE="text-align: justify; width: 98%; font-size: 8pt"><I>The amounts reported represent the aggregate grant date
fair value of the stock option and stock awards determined under the principles used to calculate the grant date fair value of
equity awards for purposes of the Company&rsquo;s financial statements.</I></TD>
</TR></TABLE>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 8pt">
<TD STYLE="width: 0pt; font-size: 8pt"></TD><TD STYLE="width: 2%; text-align: left; font-size: 8pt"><I>(2)</I></TD><TD STYLE="text-align: justify; width: 98%; font-size: 8pt"><I>Director Stock Options vest at a rate of 25% per quarter
from date of grant.</I></TD>
</TR></TABLE>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 8pt">
<TD STYLE="width: 0pt; font-size: 8pt"></TD><TD STYLE="width: 2%; text-align: left; font-size: 8pt"><I>(3)</I></TD><TD STYLE="text-align: justify; width: 98%; font-size: 8pt"><I>As of October 31, 2013, Director Stock Options granted
for the 2013 service period were 50% vested.</I></TD>
</TR></TABLE>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 8pt">
<TD STYLE="width: 0pt; font-size: 8pt"></TD><TD STYLE="width: 2%; text-align: left; font-size: 8pt"><I>(4)</I></TD><TD STYLE="text-align: justify; width: 98%; font-size: 8pt"><I>The amount reported represents the aggregate dollar
amount of all fees and other remuneration earned for services as a director, including annual retainer fees, committee and/or
chair fees.</I></TD>
</TR></TABLE>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 99%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 8pt">
<TD STYLE="width: 0pt; font-size: 8pt"></TD><TD STYLE="width: 2%; text-align: left; font-size: 8pt"><I>(5)</I></TD><TD STYLE="text-align: justify; width: 98%; font-size: 8pt"><I>Includes fee of $20,000 for role as Chairman of the
Board of Directors, which he elected to receive in the form of stock options.</I></TD>
</TR></TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%">
<TR>
    <TD STYLE="vertical-align: top; width: 96%; padding-left: 9pt; text-indent: -9pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>FUELCELL ENERGY, INC.</B> - <I>Notice of Annual Meeting of Shareholders</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 4%; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>28</B></FONT></TD></TR>
</TABLE>


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    <!-- Field: /Page -->

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73)"><A NAME="lfca026"></A><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS AND MANAGEMENT</B></P>

<P STYLE="font: 30pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73)">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth certain information as of February
3, 2014 with respect to: (a) the shareholders known to us to own beneficially more than 5% of the outstanding common stock of
FuelCell; (b) each of our directors; (c) each of our executive officers named in the Summary Compensation Table under the heading
&ldquo;Executive Compensation&rdquo;; and (d), all of our directors and executive officers as a group.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have determined beneficial ownership in accordance with the
rules of the SEC. Except as indicated by the footnotes below, we believe, based on the information furnished to us, that the persons
and entities named in the table below have sole voting and dispositive power with respect to all shares of common stock they beneficially
own. Applicable percentage ownership is based on <FONT STYLE="color: fuchsia"><B>[ ] </B></FONT>shares of common stock outstanding.
In computing the number of shares of common stock beneficially owned by a person and the applicable percentage ownership of that
person, we deemed outstanding shares of common stock subject to options held by that person that are currently exercisable or
exercisable within 60 days of February 3, 2014. We did not deem these shares outstanding, however, for the purpose of computing
the percentage ownership of any other person. Beneficial ownership representing less than one percent is denoted with an asterisk
(&ldquo;*&rdquo;).</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless indicated otherwise the address of each holder is in
care of FuelCell Energy, Inc., 3 Great Pasture Road, Danbury, Connecticut 06813-1305.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 99%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; border-bottom: Black 2px solid; padding-left: 2pt">Name</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom; border-bottom: Black 2px solid">Position</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom; border-bottom: Black 2px solid"><B>Number of Shares</B><BR> <B>Beneficially Owned<SUP>(1)</SUP></B></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom; border-bottom: Black 2px solid; padding-right: 2pt">Percentage<BR> Beneficially Owned</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(231,231,232)">
    <TD STYLE="width: 32%; font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; padding-left: 2pt">Arthur A. Bottone</TD><TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 33%; font: 9pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">President &amp; Chief Executive Officer; Director</TD><TD STYLE="width: 2%; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 16%; font: 9pt Times New Roman, Times, Serif; text-align: right; vertical-align: top">942,168</TD><TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 15%; font: 9pt Times New Roman, Times, Serif; text-align: right; vertical-align: top; padding-right: 2pt">*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; padding-left: 2pt">Michael S. Bishop<BR>
&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;<BR>
&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">Senior Vice President, Chief Financial Officer,<BR>
Corporate Secretary &amp; Treasurer</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"><SUP>(2)</SUP><BR>
&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; vertical-align: top">501,341<BR>
&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;<BR>
&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; vertical-align: top; padding-right: 2pt">*<BR>
&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(231,231,232)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; padding-left: 2pt">Anthony F. Rauseo</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">Senior Vice President &amp; Chief Operating Officer</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><SUP>(3)</SUP></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; vertical-align: top">695,214</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; vertical-align: top; padding-right: 2pt">*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; padding-left: 2pt">Richard A. Bromley</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">Director</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><SUP>(4)</SUP></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; vertical-align: top">231,938</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; vertical-align: top; padding-right: 2pt">*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(231,231,232)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; padding-left: 2pt">James Herbert England</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">Director</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><SUP>(5)</SUP></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; vertical-align: top">468,347</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom; padding-right: 2pt">*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; padding-left: 2pt">James D. Gerson</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">Director</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><SUP>(6)</SUP></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; vertical-align: top">1,588,999</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom; padding-right: 2pt">*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(231,231,232)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; padding-left: 2pt">William A. Lawson</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">Director</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><SUP>(7)</SUP></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">309,995</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom; padding-right: 2pt">*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; padding-left: 2pt">John A. Rolls</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">Director</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><SUP>(8)</SUP></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">1,279,560</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom; padding-right: 2pt">*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(231,231,232)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; padding-left: 2pt">Togo Dennis West, Jr.</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">Director</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><SUP>(9)</SUP></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">182,798</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom; padding-right: 2pt">*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; padding-left: 2pt">POSCO Energy Co., LTD.<BR>
440 Teheran-ro, Gangnam-Gu<BR>
Seoul 135-777<BR>
Korea</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;<BR>
&nbsp;<BR>
&nbsp;<BR>
&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><SUP>(10)</SUP><BR>
&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">30,786,418<BR>
&nbsp;<BR>
&nbsp;<BR>
&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;<BR>
&nbsp;<BR>
&nbsp;<BR>
&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom; padding-right: 2pt">13.02%<BR>
&nbsp;<BR>
&nbsp;<BR>
&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(231,231,232)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; border-bottom: Black 2px solid; padding-left: 2pt">All Directors and Executive Officers as a Group</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; vertical-align: top; border-bottom: Black 2px solid">(9 persons)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; border-bottom: Black 2px solid"><SUP>(11)</SUP></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; vertical-align: top; border-bottom: Black 2px solid">6,200,360</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; vertical-align: top; border-bottom: Black 2px solid; padding-right: 2pt">2.62%</TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font-size: 8pt">
    <TD STYLE="width: 2%; font-size: 8pt; padding-bottom: 3pt"><I>*</I></TD>
    <TD STYLE="width: 98%; font-size: 8pt; padding-bottom: 3pt; text-align: justify"><I>Less than one percent.</I></TD></TR>
<TR STYLE="vertical-align: top; font-size: 8pt">
    <TD STYLE="font-size: 8pt; padding-bottom: 3pt"><I>(1)</I></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 3pt; text-align: justify"><I>Unless otherwise noted, each person identified possesses sole voting and investment power with respect to the shares
    listed.</I></TD></TR>
<TR STYLE="vertical-align: top; font-size: 8pt">
    <TD STYLE="font-size: 8pt; padding-bottom: 3pt"><I>(2)</I></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 3pt; text-align: justify"><I>Mr. Bishop&rsquo;s shareholdings include options to purchase 60,700 shares of Common Stock, which are currently exercisable.</I></TD></TR>
<TR STYLE="vertical-align: top; font-size: 8pt">
    <TD STYLE="font-size: 8pt; padding-bottom: 3pt"><I>(3)</I></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 3pt; text-align: justify"><I>Mr. Rauseo&rsquo;s shareholdings include options to purchase 75,500 shares of Common Stock, which are currently exercisable.</I></TD></TR>
<TR STYLE="vertical-align: top; font-size: 8pt">
    <TD STYLE="font-size: 8pt; padding-bottom: 3pt"><I>(4)</I></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 3pt; text-align: justify"><I>Mr. Bromley&rsquo;s shareholdings include options to purchase 182,151 shares of Common Stock, which are currently exercisable.</I></TD></TR>
<TR STYLE="vertical-align: top; font-size: 8pt">
    <TD STYLE="font-size: 8pt; padding-bottom: 3pt"><I>(5)</I></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 3pt; text-align: justify"><I>Mr. England by virtue of being a director of Enbridge Inc., may be deemed to beneficially own 193,110 shares of common
    stock which are issuable upon conversion of the FuelCell Energy, Inc. Ltd. Series 1 Preferred stock held by Enbridge Inc.
    Mr. England&rsquo;s shareholdings include options to purchase 235,237 shares of Common Stock, which are currently exercisable.</I></TD></TR>
<TR STYLE="vertical-align: top; font-size: 8pt">
    <TD STYLE="font-size: 8pt; padding-bottom: 3pt"><I>(6)</I></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 3pt; text-align: justify"><I>Mr. Gerson&rsquo;s shareholdings include options to purchase 221,210 shares of Common Stock, which are currently exercisable.
    Mr. Gerson&rsquo;s shareholdings include 241,800 shares held by a private foundation, of which Mr. Gerson is President and
    a Director. Mr. Gerson disclaims beneficial ownership of the securities held by the private foundation.</I></TD></TR>
<TR STYLE="vertical-align: top; font-size: 8pt">
    <TD STYLE="font-size: 8pt; padding-bottom: 3pt"><I>(7)</I></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 3pt; text-align: justify"><I>Mr. Lawson&rsquo;s shareholdings include options to purchase 184,174 shares of Common Stock, which are currently exercisable.</I></TD></TR>
<TR STYLE="vertical-align: top; font-size: 8pt">
    <TD STYLE="font-size: 8pt; padding-bottom: 3pt"><I>(8)</I></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 3pt; text-align: justify"><I>Mr. Rolls&rsquo; shareholdings include options to purchase 411,560 shares of Common Stock, which are currently exercisable.</I></TD></TR>
<TR STYLE="vertical-align: top; font-size: 8pt">
    <TD STYLE="font-size: 8pt; padding-bottom: 3pt"><I>(9)</I></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 3pt; text-align: justify"><I>Secretary West&rsquo;s shareholdings include options to purchase 119,930 shares of Common Stock, which are currently
    exercisable. </I></TD></TR>
<TR STYLE="vertical-align: top; font-size: 8pt">
    <TD STYLE="font-size: 8pt; padding-bottom: 3pt"><I>(10)</I></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 3pt; text-align: justify"><I>Based upon the Company&rsquo;s records as of January 31, 2014.</I></TD></TR>
<TR STYLE="vertical-align: top; font-size: 8pt">
    <TD STYLE="font-size: 8pt"><I>(11)</I></TD>
    <TD STYLE="font-size: 8pt; text-align: justify"><I>Includes options to purchase 1,490,462 shares of Common Stock, which are currently exercisable, and 193,110 shares
    of Common Stock issuable upon conversion of the FCE FuelCell Energy, Ltd. Series 1 Preferred Stock.</I></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%">
<TR STYLE="font-size: 9pt">
    <TD STYLE="vertical-align: top; width: 96%; padding-left: 10pt; text-indent: -10pt; font-size: 9pt; text-align: right"><B>FUELCELL ENERGY, INC.</B> - <I>Notice
    of Annual Meeting of Shareholders</I></TD>
    <TD STYLE="vertical-align: bottom; width: 4%; font-size: 9pt; text-align: right"><B>29</B></TD></TR>
</TABLE>

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    <!-- Field: /Page -->

<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="lfca027"></A><B>Section 16(a) Beneficial Ownership Reporting Compliance</B></P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section 16(a) of the Securities
Exchange Act of 1934 requires the Company&rsquo;s officers, directors and persons who own more than ten percent of the issued
and outstanding shares of Common Stock to file reports of beneficial ownership and changes in beneficial ownership with the
SEC and to furnish copies of all Section 16(a) forms to the Company. To our knowledge, based solely on a review of the copies
of such reports furnished to us and on written representations that no other reports were required, all filings for the
fiscal year ended October 31, 2013 were made on a timely basis.</P>

<P STYLE="font: 30pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="lfca028"></A><B>Certain Relationships and Related Transactions</B></P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is the Company&rsquo;s policy that related-party transactions
are reviewed to ensure that the terms of such transactions are no less favorable to the Company than it could have obtained from
an unaffiliated third party. The Audit and Finance Committee reviews related party transactions and any modifications thereto
and consults with management and legal counsel, to ensure that such transactions are effected and in conformity with applicable
legal requirements and the Company&rsquo;s Code of Ethics and the Company&rsquo;s Code of Conduct as well as with the Company&rsquo;s
independent auditors to ensure proper disclosure in SEC filings.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The below information is to the Company&rsquo;s knowledge, based
solely on a review of copies of reports furnished to the Company and representations of certain officers, directors and shareholders
owning more than 5% of the Company&rsquo;s Common Stock.</P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: rgb(0,112,73) 2px solid"><B>Enbridge Inc.</B></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. England is a director of Enbridge.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Enbridge is a global leader in energy transportation and distribution.
During fiscal year 2013, the Company did not recognize any revenue from Enbridge. The Company believes that the terms of its transactions
with Enbridge are no less favorable to the Company than it could have obtained from an unaffiliated third party.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with our acquisition of Global Thermoelectric
Inc. (&ldquo;Global&rdquo;) in November 2003, we acquired a Preferred Shares obligation held by Enbridge, Inc. the &ldquo;Series
1 preferred share agreement&rdquo; issued by our Canadian subsidiary, FCE FuelCell Energy Ltd. (&ldquo;FCE Ltd&rdquo;). This agreement
was amended in March of 2011. Under the terms of the agreement, FCE Ltd makes (i) annual dividend payments of Cdn. $500,000 and
(ii) annual return of capital payments of Cdn. $750,000 to Enbridge. These payments commenced on March 31, 2011 and will end on
December 31, 2020. On December 31, 2020 the amount of all accrued and unpaid dividends on the Series 1 Preferred Shares of Cdn.
$21.1 million and the balance of the principal redemption price of Cdn. $4.4 million shall be paid to the holders of the Series
1 Preferred Shares. FCE Ltd. has the option of making dividend payments in the form of common stock or cash under the Series 1
Preferred Shares provisions. The Company guarantees the return of principal and dividend obligations of FCE Ltd. to the Series
1 preferred shareholders under this modified agreement. The Company made its scheduled payments of Cdn. $1.2 million during fiscal
2013 under the terms of the modified agreement; including the recording of interest expense of approximately Cdn. $2.0 million.
As of October 31, 2013, the carrying value of the Series 1 Preferred shares was Cdn. $14.3 million.</P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: rgb(0,112,73) 2px solid"><B>POSCO Energy Co., LTD.</B></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">POSCO Energy, a subsidiary of our South
Korean strategic partner, POSCO, holds 30,786,418 shares; approximately 15 % of the Company&rsquo;s common stock of which 3,822,630
shares were acquired in February 2007; 6,963,788 shares were acquired in October 2009 and 20,000,000 shares were acquired on April
30, 2012. In October, 2012, the Company announced the execution of a series of strategic initiatives with POSCO to expand the
market for stationary fuel cell power plants in Asia, including a license agreement for POSCO to manufacture Direct FuelCell<SUP>&reg;
</SUP>(DFC<SUP>&reg;</SUP>) power plants in South Korea and sell throughout Asia. The Cell Technology Transfer and License Agreement
provides POSCO the rights to manufacture carbonate fuel cell components in South Korea based on DFC technology and grants commercial
rights to Asian markets. The agreement harmonizes two prior license agreements so that POSCO has rights to manufacture the entire
carbonate DFC power plant. The License Agreement payments total $18 million and the amendment to prior agreements payments total
$8 million. The initial payment of $10 million was received on November 1, 2012. POSCO will also pay a 3.0 percent royalty to
the Company for each power plant built and sold by POSCO during the next 15 years. The license agreement may be extended for two
additional terms of five years each by mutual agreement.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In October 2012, the Company also announced an order from POSCO
for 121.8 megawatts of fuel cell kits to be manufactured at the FuelCell Energy production facility in Torrington, Connecticut
through 2016. The estimated value of the multi-year contract is approximately $181 million.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%">
<TR STYLE="font-size: 9pt">
    <TD STYLE="vertical-align: top; width: 96%; padding-left: 10pt; text-indent: -10pt; font-size: 9pt; text-align: right"><B>FUELCELL ENERGY, INC.</B> - <I>Notice
    of Annual Meeting of Shareholders</I></TD>
    <TD STYLE="vertical-align: bottom; width: 4%; font-size: 9pt; text-align: right"><B>30</B></TD></TR>
</TABLE>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">During fiscal year 2013, the Company recognized revenue of approximately
$101.9 million from the sale of power plants and fuel cell components as well as long-term service agreements with POSCO. The
Company believes that the terms of its transactions with POSCO are no less favorable to the Company than it could have obtained
from an unaffiliated third party.</P>

<P STYLE="font: 30pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73)"><A NAME="lfca029"></A><B>EQUITY COMPENSATION PLAN AND WARRANT INFORMATION</B></P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73)">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">The following table sets forth certain information with respect
to the Company&rsquo;s equity compensation plans and warrants as of the end of the fiscal year ended October 31, 2013.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 99%; font-size: 8pt">
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="font-weight: bold; font-size: 8pt; border-bottom: Black 2px solid; padding-left: 12pt; text-indent: -10pt">Plan Category</TD><TD STYLE="font-weight: bold; font-size: 8pt; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; font-size: 8pt; border-bottom: Black 2px solid">Number of Common Shares to be<BR>
issued upon exercise of outstanding<BR>
    options and rights</TD><TD STYLE="font-weight: bold; font-size: 8pt; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; font-size: 8pt; border-bottom: Black 2px solid">Weighted-average exercise<BR> &nbsp;price of outstanding options<BR> and
    rights</TD><TD STYLE="font-weight: bold; font-size: 8pt; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; font-size: 8pt; border-bottom: Black 2px solid; padding-right: 2pt">Number of securities remaining<BR> &nbsp;available for future issuance under<BR>
    &nbsp;equity compensation plans</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: rgb(231,231,232)">
    <TD STYLE="font-weight: bold; font-size: 8pt; padding-left: 12pt; text-indent: -10pt">Plans approved by shareholders:</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: White">
    <TD STYLE="width: 27%; text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 20pt; font-size: 8pt">Equity incentive plans<SUP>(1)</SUP></TD><TD STYLE="width: 1%; padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: right; padding-bottom: 1px; font-size: 8pt">3,181,464</TD><TD STYLE="width: 1%; padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: right; padding-bottom: 1px; font-size: 8pt">$6.43</TD><TD STYLE="width: 1%; padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: right; padding-bottom: 1px; font-size: 8pt; padding-right: 2pt">1,014,989</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: rgb(231,231,232)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt; font-size: 8pt">Employee stock purchase plan</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 8pt">124,334</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 8pt">$.85</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 8pt; padding-right: 2pt">549,584</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 12pt; font-size: 8pt">Plans not approved
    by shareholders:</TD><TD STYLE="padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 8pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 8pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; font-size: 8pt; padding-right: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: rgb(231,231,232)">
    <TD STYLE="text-align: left; border-bottom: Black 2px solid; text-indent: -10pt; padding-left: 20pt; font-size: 8pt">Warrants issued to business Partners</TD><TD STYLE="border-bottom: Black 2px solid; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; font-size: 8pt">5,000,000</TD><TD STYLE="border-bottom: Black 2px solid; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; font-size: 8pt">$2.18</TD><TD STYLE="border-bottom: Black 2px solid; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid; font-size: 8pt; padding-right: 2pt">&ndash;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: White">
    <TD STYLE="font-weight: bold; border-bottom: Black 2px solid; text-indent: -10pt; padding-left: 12pt; font-size: 8pt">TOTAL</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid; font-size: 8pt">8,305,708</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid; font-size: 8pt">$ 3.79</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2px solid; font-size: 8pt; padding-right: 2pt">1,564,573</TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font-size: 8pt">
    <TD STYLE="width: 2%; font-size: 8pt; padding-top: 3pt"><I>(1)</I></TD>
    <TD STYLE="width: 98%; font-size: 8pt; padding-top: 3pt"><I>Includes the Company&rsquo;s 2006 and 2010 Equity Incentive Plans.</I></TD></TR>
</TABLE>
<P STYLE="font: 30pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73)"><B>&nbsp;</B></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73)"><A NAME="lfca030"></A><B>AUDIT AND FINANCE COMMITTEE REPORT</B></P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73)">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During fiscal year 2013 the Audit and Finance Committee of the
Board reviewed the quality and integrity of the Company&rsquo;s consolidated financial statements, the effectiveness of its system
of internal control over financial reporting, its compliance with legal and regulatory requirements, the qualifications and independence
of KPMG LLP, its independent registered public accounting firm, the performance of KPMG LLP and other significant audit matters
as required by the Company.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In performing its responsibilities,
the Audit and Finance Committee has reviewed and discussed with management and KPMG LLP, the audited consolidated financial
statements and KPMG&rsquo;s evaluation of the Company&rsquo;s internal control over financial reporting for the year ended
October 31, 2013. The Audit and Finance Committee has also discussed with KPMG LLP matters required to be discussed by
Statement of Auditing Standards 61, as amended (Codification of Statements on Auditing Standards, AU 380), as adopted by the
Public Company Accounting Oversight Board (the &ldquo;<B>PCAOB</B>&rdquo;) in Rule 3200 T.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the applicable requirements of the PCAOB regarding
the independent auditors&rsquo; communication with the Audit and Finance Committee concerning independence, the Audit and Finance
Committee received written disclosure from the independent auditors, and discussed with the auditors their independence. The Audit
Committee has concluded that KPMG&rsquo;s independence had not been impaired.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on the review and discussions noted above, the Audit and
Finance Committee recommended to the Board that the Company&rsquo;s audited consolidated financial statements be included in the
Company&rsquo;s Annual Report on Form 10-K for the fiscal year ended October 31, 2013 and be filed with the U.S. Securities and
Exchange Commission.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">Submitted by:</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Audit and Finance Committee</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">James D. Gerson <I>(Chairman)</I><BR>
J. H. England<BR>
John A. Rolls</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%">
<TR STYLE="font-size: 9pt">
    <TD STYLE="vertical-align: top; width: 96%; padding-left: 10pt; text-indent: -10pt; font-size: 9pt; text-align: right"><B>FUELCELL ENERGY, INC.</B> - <I>Notice
    of Annual Meeting of Shareholders</I></TD>
    <TD STYLE="vertical-align: bottom; width: 4%; font-size: 9pt; text-align: right"><B>31</B></TD></TR>
</TABLE>

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    <!-- Field: /Page -->

<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="lfca031"></A><B>Independent Registered Public Accounting Firm Fees</B></P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: rgb(0,112,73) 2px solid"><B>Audit Fees</B></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Audit fees include the aggregate fees billed for the audit of
the Company&rsquo;s annual consolidated financial statements, the effectiveness of internal controls over financial reporting,
reviews of each of the quarterly consolidated financial statements included in the Company&rsquo;s Forms 10-Q, services related
to SEC filing matters, and services provided in conjunction with equity offerings. The aggregate audit fees billed to the Company
by KPMG LLP for the fiscal year ended October 31, 2013 were $490,000. The aggregate audit fees billed to the Company by KPMG LLP
for the fiscal year ended October 31, 2012 were $501,000.</P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: rgb(0,112,73) 2px solid"><B>Audit-Related Fees</B></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Audit-related fees represent the audit of the Company&rsquo;s
employee benefit plan, services provided in connection with SEC registration statements and services provided in conjunction with
equity offerings.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The aggregate audit-related
fees billed to the Company by KPMG LLP for the fiscal year ended October 31, 2013 were $65,175 related to services provided
in connection with SEC registration statements, services provided in conjunction with equity and debt offerings, and an audit
of the Company&rsquo;s 401(k) Retirement Savings plan financial statements.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The aggregate audit-related fees billed to the Company by KPMG
LLP for the fiscal year ended October 31, 2012 were $118,175 related to services provided in connection with due diligence assistance,
an audit of the Company&rsquo;s 401(k) Retirement Savings plan financial statements and certain agreed upon procedures.</P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: rgb(0,112,73) 2px solid"><B>Tax Fees</B></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There were no fees paid to KPMG LLP for tax services for the
fiscal year ended October 31, 2013 or the fiscal year ended October 31, 2012.</P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: rgb(0,112,73) 2px solid"><B>Other Fees</B></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other than fees relating to the services described above under
Audit Fees, Audit-Related Fees and Tax Fees, there were no additional fees billed by KPMG LLP for services rendered to the Company
for the fiscal year ended October 31, 2013 or the fiscal year ended October 31, 2012.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As set forth in its charter, it is the policy of our Audit and
Finance Committee to pre-approve all audit and non-audit services provided by KPMG LLP. Our Audit and Finance Committee has considered
whether the provision of KPMG LLP&rsquo;s services other than for the annual audit and quarterly reviews is compatible with its
independence and has concluded that it is.</P>

<P STYLE="font: 30pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; font: 22pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-size: 22pt">
    <TD STYLE="padding: 0.75pt; font-size: 22pt; width: 125pt; text-align: left; vertical-align: top"><A NAME="lfca032"></A><FONT STYLE="color: #007049"><B>Proposal 2</B></FONT></TD>
    <TD STYLE="width: 5pt; font-size: 22pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt; font-size: 22pt; text-align: left; vertical-align: top">Ratification of Selection of Independent Registered Public Accounting Firm</TD></TR>
</TABLE>
<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Audit and Finance Committee of the Board has selected KPMG
LLP as the independent registered public accounting firm to perform the audit of our consolidated financial statements for 2014.
KPMG LLP was our independent registered public accounting firm for the fiscal year ended October 31, 2013.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">KPMG representatives are expected to attend the 2014 Annual
Meeting. They will have an opportunity to make a statement if they desire to do so and will be available to respond to appropriate
shareholder questions.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are asking our shareholders to ratify the selection of KPMG
LLP as our independent registered public accounting firm. Although ratification is not required by our by-laws or otherwise, the
Board is submitting the selection of KPMG LLP to our shareholders for ratification as a matter of good corporate practice. Even
if the selection is ratified, the Audit and Finance Committee in its discretion may select a different independent registered
public accounting firm at any time during the year if it determines that such a change would be in the best interests of the Company
and its shareholders.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007049"><B>The Board of Directors recommends that Shareholders
vote &ldquo;FOR&rdquo; approval of Proposal no. 2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007049">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%">
<TR STYLE="font-size: 9pt">
    <TD STYLE="vertical-align: bottom; width: 96%; font-size: 9pt; text-align: right"><B>FUELCELL ENERGY, INC.</B> -
    <I>Notice of Annual Meeting of Shareholders</I></TD>
    <TD STYLE="vertical-align: top; width: 4%; font-size: 9pt; text-align: right"><B>32</B></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 8pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#toc" STYLE="font-weight: bold">Back to Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; font: 22pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-size: 22pt">
    <TD STYLE="padding: 0.75pt; font-size: 22pt; text-align: left; vertical-align: top; width: 125pt"><A NAME="lfca033"></A><FONT STYLE="color: #007049"><B>Proposal 3</B></FONT></TD>
    <TD STYLE="width: 5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt; font-size: 22pt">Amendment of the FuelCell Energy, Inc. Amended &amp; Restated 2010 Equity Incentive Plan</TD></TR>
</TABLE>
<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73)">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73)"><B>General Description of Proposal</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007049">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The FuelCell Energy, Inc. 2010 Equity Incentive Plan (the &ldquo;2010
Plan&rdquo;) was adopted by the Board of Directors of FuelCell on January 29, 2010; approved by the stockholders of the Company
at their annual meeting on March 25, 2010; amended by the stockholders of the Company at their annual meeting on April 5, 2012;
and further amended by the Board of Directors on June 14, 2012.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of Directors has approved a proposed amendment to
increase the maximum number of authorized but unissued shares of Common Stock reserved for the grant of awards under the 2010
Plan from 7,500,000 shares to 15,500,000 shares. For more information regarding the 2010 Plan, please read the full text of the
2010 Plan, as proposed to be amended, included as Annex A of this proxy statement.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 2010 Plan is an equity incentive plan pursuant to which
the Company may grant equity-based awards to employees, directors and consultants of the Company or any parent or subsidiary of
the Company. We believe that alignment of the interests of our stockholders and our employees, officers and directors is best
advanced through the issuance of equity incentives as a portion of their total compensation. In this way, we reinforce the link
between our stockholders and our employees&rsquo;, officers&rsquo; and directors&rsquo; focus on personal responsibility, creativity
and stockholder returns. Equity incentives such as stock options and restricted stock units also play an important role in our
recruitment and retention strategies, as the competition for creative, technical and leadership talent in our industry is intense.
While equity is a strategic tool for recruitment and retention, we also carefully manage stock option and restricted stock unit
issuances and strive to keep the dilutive impact of the equity incentives we offer within a reasonable range.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 2010 Plan is administered by the Compensation Committee
comprised of directors meeting (i) the &ldquo;independent director&rdquo; definition set forth in The Nasdaq Marketplace Rules
applicable to FuelCell, (ii) the &ldquo;non-employee director&rdquo; definition set forth in Rule 16b-3 under the Exchange Act,
and (iii) as appropriate, other applicable laws. Except as may otherwise be provided in the 2010 Plan, the Compensation Committee
has complete authority and discretion to determine the terms of awards.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2013, there were 1,041,267 shares available
for future grants. Accordingly, the Board believes that the Amendment is necessary to provide us with enough shares to continue
our program of equity-based incentive compensation. As amended, the 2010 Plan will continue to authorize the grant of Non-statutory
Stock Options (&ldquo;NSOs&rdquo;), Incentive Stock Options (&ldquo;ISOs&rdquo;), Stock Appreciation Rights (&ldquo;SARs&rdquo;),
Restricted Stock (&ldquo;RSAs&rdquo;), Restricted Stock Units (&ldquo;RSUs&rdquo;), Performance Shares, Performance Units, Dividend
Equivalent Rights (&ldquo;DERs&rdquo;), and Other Stock-Based Awards covering up to 15,500,000 shares
of Common Stock.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 2010 Plan includes many provisions designed to protect shareholder
interests and promote effective corporate governance including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 99%; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-size: 9pt">
<TD STYLE="width: 10pt; font-size: 9pt; text-align: left; vertical-align: top"><FONT STYLE="color: #007049">&bull;</FONT></TD><TD STYLE="font-size: 9pt">The number
                                                                                                                     of shares
                                                                                                                     available
                                                                                                                     for issuance
                                                                                                                     under the
                                                                                                                     plan does
                                                                                                                     not adjust
                                                                                                                     based upon
                                                                                                                     the number
                                                                                                                     of outstanding
                                                                                                                     shares of
                                                                                                                     common stock;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 99%; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-size: 9pt">
<TD STYLE="width: 10pt; font-size: 9pt; text-align: left; vertical-align: top"><FONT STYLE="color: #007049">&bull;</FONT></TD><TD STYLE="font-size: 9pt">Options
                                                                                                                     and stock
                                                                                                                     appreciation
                                                                                                                     rights may
                                                                                                                     not be priced
                                                                                                                     at less than
                                                                                                                     the fair
                                                                                                                     market value
                                                                                                                     of our common
                                                                                                                     stock on
                                                                                                                     the grant
                                                                                                                     date;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 99%; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-size: 9pt">
<TD STYLE="width: 10pt; font-size: 9pt; text-align: left; vertical-align: top"><FONT STYLE="color: #007049">&bull;</FONT></TD><TD STYLE="font-size: 9pt">Re-pricing
                                                                                                                     of options
                                                                                                                     and stock
                                                                                                                     appreciation
                                                                                                                     rights requires
                                                                                                                     shareholder
                                                                                                                     approval;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 99%; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-size: 9pt">
<TD STYLE="width: 10pt; font-size: 9pt; text-align: left; vertical-align: top"><FONT STYLE="color: #007049">&bull;</FONT></TD><TD STYLE="font-size: 9pt">The 2010
                                                                                                                     Plan requires
                                                                                                                     a minimum
                                                                                                                     period for
                                                                                                                     ratable vesting
                                                                                                                     of options,
                                                                                                                     shares of
                                                                                                                     restricted
                                                                                                                     stock and
                                                                                                                     stock appreciation
                                                                                                                     rights of
                                                                                                                     three years
                                                                                                                     for all time-based
                                                                                                                     awards not
                                                                                                                     issued to
                                                                                                                     directors
                                                                                                                     and one year
                                                                                                                     for all performance-based
                                                                                                                     awards, to
                                                                                                                     the extent
                                                                                                                     such awards
                                                                                                                     may be paid
                                                                                                                     in shares
                                                                                                                     of our common
                                                                                                                     stock;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 99%; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-size: 9pt">
<TD STYLE="width: 10pt; font-size: 9pt; text-align: left; vertical-align: top"><FONT STYLE="color: #007049">&bull;</FONT></TD><TD STYLE="font-size: 9pt">Material
                                                                                                                     amendments
                                                                                                                     of the 2010
                                                                                                                     Plan require
                                                                                                                     shareholder
                                                                                                                     approval;
                                                                                                                     and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 99%; font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-size: 9pt">
<TD STYLE="width: 10pt; font-size: 9pt; text-align: left; vertical-align: top"><FONT STYLE="color: #007049">&bull;</FONT></TD><TD STYLE="font-size: 9pt">The 2010
                                                                                                                     Plan is administered
                                                                                                                     by an independent
                                                                                                                     committee
                                                                                                                     of our Board
                                                                                                                     of Directors.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 15pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73)"><B>Plan Benefits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007049">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amount and timing of awards granted under the 2010 Plan
are determined in the discretion of the Compensation Committee and therefore cannot be determined in advance. The future awards
that would be received under the 2010 Plan by directors, executive officers and other employees are discretionary and are therefore
not determinable at this time.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007049"><B>For the foregoing reasons the Board of Directors
recommends that Shareholders vote &ldquo;FOR&rdquo; approval of Proposal no. 3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007049">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%">
<TR STYLE="font-size: 9pt">
    <TD STYLE="vertical-align: top; width: 96%; padding-left: 10pt; text-indent: -10pt; font-size: 9pt; text-align: right"><B>FUELCELL ENERGY, INC.</B> - <I>Notice
    of Annual Meeting of Shareholders</I></TD>
    <TD STYLE="vertical-align: bottom; width: 4%; font-size: 9pt; text-align: right"><B>33</B></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 8pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#toc" STYLE="font-weight: bold">Back to Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; font: 22pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 22pt Times New Roman, Times, Serif">
    <TD STYLE="width: 125pt; padding: 0; font: 22pt Times New Roman, Times, Serif; text-align: left; text-indent: 0; vertical-align: top"><A NAME="lfca034"></A><FONT STYLE="color: #007049"><B>Proposal
    4</B></FONT> </TD>
    <TD STYLE="width: 5pt">&nbsp;</TD>
    <TD STYLE="font: 22pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">Amendment of the FuelCell Energy, Inc. Amended &amp; Restated
    Articles of Incorporation Increasing Its Authorized Common Stock From 275,000,000 Shares&nbsp;to 400,000,000 Shares</TD></TR>
</TABLE>
<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73)"><B>General Description of Proposal</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73)">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of Directors has approved a
proposed amendment to Article FOURTH of the Articles of Incorporation of the Company (the &ldquo;Articles&rdquo;) that
increases the number of authorized shares of Common Stock from 275,000,000 shares to 400,000,000 shares. An increase in the
number of authorized shares will not have a dilutive effect on the value of each shareholder&rsquo;s Common Stock; only the
actual issuance of additional Common Stock would have such an effect. The following table summarizes our Common Shares
authorized, outstanding and reserved:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="font: 9pt Times New Roman, Times, Serif; background-color: rgb(231,231,232)">
    <TD STYLE="vertical-align: top; width: 87%; padding: 0 0 0 2pt; text-indent: 0; font: 9pt Times New Roman, Times, Serif; border-top: Black 2px solid"><B>Current
    Authorized Shares</B></TD>
    <TD STYLE="width: 3%; border-top: Black 2px solid; padding: 0; text-indent: 0"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; text-align: right; font: 9pt Times New Roman, Times, Serif; padding: 0 2pt 0 0; border-top: Black 2px solid; text-indent: 0"><B>275,000,000</B></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="padding: 0 0 0 2pt; text-indent: 0; font: 9pt Times New Roman, Times, Serif"><B>Proposed Increase in Authorized
    Shares</B></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif; padding: 0 2pt 0 0; text-indent: 0">125,000,000</TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; background-color: rgb(231,231,232)">
    <TD STYLE="padding: 0 0 0 2pt; text-indent: 0; font: 9pt Times New Roman, Times, Serif"><B>Proposed New Authorization:</B></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif; padding: 0 2pt 0 0; text-indent: 0">400,000,000</TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="padding: 0 0 0 10pt; text-indent: 0; font: 9pt Times New Roman, Times, Serif">Shares available for issuance
    (Pre-increase)<SUP>(1)</SUP></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif; padding: 0 2pt 0 0; text-indent: 0">604,782</TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; background-color: rgb(231,231,232)">
    <TD STYLE="padding: 0 0 0 10pt; text-indent: 0; font: 9pt Times New Roman, Times, Serif">Shares available for issuance
    (Post-increase)<SUP>(1)</SUP></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif; padding: 0 2pt 0 0; text-indent: 0">125,604,782</TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="padding: 0 0 0 2pt; text-indent: 0; font: 9pt Times New Roman, Times, Serif"><B>Common shares Outstanding and
    Reserved (Pre-increase):</B></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; padding: 0 2pt 0 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; background-color: rgb(231,231,232)">
    <TD STYLE="padding: 0 0 0 10pt; text-indent: 0; font: 9pt Times New Roman, Times, Serif">Shares Outstanding as of January
    18, 2014</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif; padding: 0 2pt 0 0; text-indent: 0">236,444,669</TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="padding: 0 0 0 10pt; text-indent: 0; font: 9pt Times New Roman, Times, Serif">Shares reserved for issuance under
    Equity Plans as of January 18, 2014</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif; padding: 0 2pt 0 0; text-indent: 0">4,164,639</TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; background-color: rgb(231,231,232)">
    <TD STYLE="padding: 0 0 0 10pt; text-indent: 0; font: 9pt Times New Roman, Times, Serif">Shares requested under the amended
2010 Equity Plan (per page 38 of this proxy)</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif; padding: 0 2pt 0 0; text-indent: 0">8,000,000</TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="padding: 0 0 0 10pt; text-indent: 0; font: 9pt Times New Roman, Times, Serif">Shares reserved for issuance under
    the ESPP Plan as of January 18, 2014</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif; padding: 0 2pt 0 0; text-indent: 0">425,250</TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; background-color: rgb(231,231,232)">
    <TD STYLE="padding: 0 0 0 10pt; text-indent: 0; font: 9pt Times New Roman, Times, Serif">Shares issuable upon conversion
    of our 5% Series B Cumulative Convertible Perpetual Preferred Stock</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif; padding: 0 2pt 0 0; text-indent: 0">5,448,512</TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="padding: 0 0 0 10pt; text-indent: 0; font: 9pt Times New Roman, Times, Serif">Shares issuable upon conversion
    of our 8% Senior Unsecured Convertible Notes</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif; padding: 0 2pt 0 0; text-indent: 0">14,838,710</TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; background-color: rgb(231,231,232)">
    <TD STYLE="padding: 0 0 0 10pt; text-indent: 0; font: 9pt Times New Roman, Times, Serif">Shares potentially issuable under
    Series 1 preferred shares issued by FCE<BR>
 FuelCell Energy, Ltd as of January
    18, 2014 to satisfy conversion requirements</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif; padding: 0 2pt 0 0; text-indent: 0">73,438</TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="padding: 0 0 0 10pt; text-indent: 0; font: 9pt Times New Roman, Times, Serif">Shares issuable upon the exercise
    of the same number of warrants issued to business partners</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif; padding: 0 2pt 0 0; text-indent: 0">5,000,000</TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif; background-color: rgb(231,231,232)">
    <TD STYLE="padding: 0 0 0 2pt; text-indent: 0; font: 9pt Times New Roman, Times, Serif; border-top: Black 2px solid; border-bottom: Black 2px solid"><B>TOTAL
    COMMON STOCK OUTSTANDING AND RESERVED (PRE-INCREASE)</B></TD>
    <TD STYLE="border-top: Black 2px solid; border-bottom: Black 2px solid; padding: 0; text-indent: 0"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif; padding: 0 2pt 0 0; border-top: Black 2px solid; border-bottom: Black 2px solid; text-indent: 0"><B>274,395,218</B></TD></TR>
</TABLE>
<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="width: 3%; font: 8pt Times New Roman, Times, Serif"><I>(1</I>)</TD>
    <TD STYLE="width: 97%; font: 8pt Times New Roman, Times, Serif"><I>Represents authorized shares (Pre or Post-increase) less
    shares outstanding and reserved.</I></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of Directors is
recommending this increase in authorized shares of Common Stock primarily to give the Company appropriate flexibility to
issue shares to satisfy the agreements described above and for future corporate needs. The shares may be issued by the Board
in its discretion, subject to any further stockholder action required in the case of any particular issuance by applicable
law, regulatory agency, or under the rules of the NASDAQ Exchange or any stock exchange on which the Company&rsquo;s Common
Stock may then be listed. The newly authorized shares of Common Stock would be issuable for any proper corporate purpose,
including future acquisitions, investment opportunities, capital raising transactions of equity or convertible debt
securities, stock splits, stock dividends, issuance under current or future employee equity plans or for other corporate
purposes. Except as described above, there are no immediate plans, arrangements, commitments or understandings with respect
to issuance of any of the additional shares of Common Stock which would be authorized by the proposed amendment. However, the
Board believes that the currently available number of unissued and unreserved shares does not provide sufficient flexibility
to meet corporate needs in the future.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Board believes that these additional shares will provide
us with needed flexibility to issue shares in the future to take advantage of market conditions or favorable opportunities without
the potential expense or delay incident to obtaining stockholder approval for a particular issuance.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96%; font: 9pt Times New Roman, Times, Serif; text-align: right"><B>FUELCELL ENERGY, INC.</B> - <I>Notice of Annual Meeting
    of Shareholders</I></TD>
    <TD STYLE="width: 4%; text-align: right"><B>34</B></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 8pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#toc" STYLE="font-weight: bold">Back to Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="lfca035"></A><B>Rights of Additional Authorized Shares</B></P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The additional authorized shares of Common Stock, if and
when issued, would be part of the existing class of Common Stock and would have the same rights and privileges as the shares
of Common Stock presently outstanding. Our stockholders do not have preemptive rights with respect to our Common Stock.
Accordingly, should the Board of Directors elect to issue additional shares of our Common Stock, existing stockholders would
not have any preferential rights to purchase the shares.</P>

<P STYLE="font: 30pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="lfca036"></A><B>Potential Adverse Effects of Amendment</B></P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Future issuance of Common Stock or
securities convertible into our Common Stock could have a dilutive effect on the earnings per share, book value per share,
voting power and percentage interest of holdings of current stockholders. In addition, the availability of additional shares
of our Common Stock for issuance could, under certain circumstances, discourage or make more difficult efforts to obtain
control of the Company. The Board is not aware of any attempt, or contemplated attempt, to acquire control of the Company.
This proposal is not being presented with the intent that it be used to prevent or discourage any acquisition attempt but
nothing would prevent the Board from taking any appropriate actions not inconsistent with its fiduciary duties.</P>

<P STYLE="font: 30pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="lfca037"></A><B>Effectiveness of Amendment and Vote Required</B></P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the proposed amendment is adopted, it will become effective
upon the filing of a certificate of amendment to our Amended and Restated Certificate of Incorporation with the Secretary of State
of the State of Delaware. The amendment to the Certificate of Incorporation requires the affirmative vote of a majority of the
shares outstanding and entitled to vote at the annual meeting.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007049; text-align: justify"><B>For the foregoing reasons the Board of Directors
recommends that Shareholders vote &ldquo;FOR&rdquo; approval of Proposal no. 4.</B></P>

<P STYLE="font: 30pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73)">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 22pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 22pt Times New Roman, Times, Serif">
    <TD STYLE="width: 125pt; font: 22pt Times New Roman, Times, Serif"><A NAME="lfca038"></A><FONT STYLE="color: #007049"><B>Proposal 5</B></FONT></TD>
    <TD STYLE="width: 5pt">&nbsp;</TD>
    <TD STYLE="font: 22pt Times New Roman, Times, Serif">Advisory Vote to Approve Executive Compensation</TD></TR>
</TABLE>
<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shareholders have the option to cast a non-binding advisory
vote on the compensation of our NEOs. This advisory shareholder vote, commonly known as a &ldquo;say on pay&rdquo;, provides shareholders
with the opportunity to endorse or not endorse the Company&rsquo;s fiscal 2013 executive compensation programs and policies and
the compensation paid to the named executive officers as discussed in the CD&amp;A beginning on page 15, the accompanying compensation
tables and the related narrative disclosure.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As discussed in the CD&amp;A section
of this Proxy Statement, our compensation principles and underlying programs are designed to ensure the attraction and
retention of executive officers in a reasonable and cost-effective manner, to motivate their performance in the achievement
of the Company&rsquo;s business objectives and to align the interests of the executive officers with the long-term interests
of the Company&rsquo;s shareholders. We believe our compensation policies and procedures demonstrate a transparent link
between pay and performance.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because say-on-pay votes are advisory and non-binding, voting
results cannot overrule any decisions made by the Board of Directors. However, the Compensation Committee will take into account
the outcome of the vote when considering future compensation arrangements for our NEOs.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007049; text-align: justify"><B>For the foregoing reasons the Board of Directors
recommends that Shareholders vote &ldquo;FOR&rdquo; approval of Proposal no. 5</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007049">&nbsp;</P>

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    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 4%; text-align: right"><B>35</B></TD></TR>
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<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73)"><A NAME="lfca039"></A><B>ADDITIONAL INFORMATION AND OTHER MATTERS</B></P>

<P STYLE="font: 30pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(0,112,73)">&nbsp;</P>

<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="lfca040"></A><B>General</B></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The record date for the Annual Meeting is February 3,
2014. Holders of shares of the Company&rsquo;s common stock, par value $.0001 per share (&ldquo;Common Stock&rdquo;), as of
the close of business on the record date, are entitled to notice of, and to vote at, the Annual Meeting or any adjournments
thereof. Each holder of Common Stock is entitled to one vote for each share held on the record date.</P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="lfca041"></A><B>Shareholder Proposals for the 2015 Annual Meeting</B></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shareholders who wish to present proposals for inclusion in
the Company&rsquo;s proxy materials and for consideration at the 2015 Annual Meeting of Shareholders should submit the proposals
in writing to the Secretary of the Company at the following address in accordance with all applicable rules and regulations of
the SEC no later than October 18, 2014.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><B>FuelCell Energy, Inc.</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B>c/o Corporate Secretary <BR>
3 Great
Pasture Road<BR>
 Danbury, CT 06813</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, all proposals must comply with Rule 14a-8 of the
Securities Exchange Act of 1934.</P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="lfca042"></A><B>Quorum and Vote Required</B></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the record date, there were <FONT STYLE="color: fuchsia"><B>[
] </B></FONT>shares of Common Stock issued and outstanding. The holders of a majority of the shares of Common Stock entitled
to vote as of the record date present, in person or by proxy will constitute a quorum at the meeting. The affirmative vote of
the holders of a plurality of the shares of Common Stock cast on the matter at the Annual Meeting (assuming a quorum is
present) is required for the election of the directors (Proposal No. 1). The affirmative vote of the holders of a majority of
the shares of Common Stock cast on the matter at the Annual Meeting (assuming a quorum is present) is required for the
ratification of the appointment of our auditors (Proposal No. 2), the amendment of the Company&rsquo;s 2010 Equity Incentive
Plan (Proposal No 3), the advisory vote to approve executive compensation (Proposal No. 5), and the approval of any other
matters properly presented at the Annual Meeting. The amendments of the Company&rsquo;s Articles of Incorporation (Proposal
No. 4) requires the affirmative vote of a majority of the shares outstanding. If you elect to &ldquo;ABSTAIN,&rdquo; the
abstention has the same effect as a vote &ldquo;AGAINST.&rdquo; with respect to proposal 4, and has no effect on the other
matters presented.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purpose of determining whether
the stockholders have approved matters other than the election of directors under Delaware law, abstentions are treated as shares
present or represented and voting, so abstaining has the same effect as a negative vote. If your shares are held by a broker on
your behalf (that is, in &ldquo;street name&rdquo;), and you do not instruct the broker as to how to vote these shares on proposals
1, 3, 4, or 5 the broker may not exercise discretion to vote for or against the proposal. This would be a &ldquo;broker non-vote&rdquo;
and these shares will not be counted as having been voted on the applicable proposal. With respect to proposal 2, the broker may
exercise its discretion to vote for or against that proposal in the absence of your instruction. <B>Please instruct your bank
or broker so your vote can be counted.</B></P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="lfca043"></A><B>Voting by Proxy</B></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Whether you hold shares directly as
the stockholder of record or beneficially in street name, you may direct how your shares are voted without attending the
Annual Meeting. If you are a stockholder of record, you may vote by proxy. You can vote by proxy over the internet, by mail
or telephone by following the instructions provided in the Notice, or, on the proxy card. The persons named as
attorneys-in-fact in the proxy, Arthur A. Bottone and Michael S. Bishop, were selected by the Board of Directors. All
properly executed proxies returned in time to be counted at the meeting will be voted by such persons at the Annual Meeting.
Shares represented by a properly executed proxy received prior to the vote at the Annual Meeting and not revoked will be
voted at the Annual Meeting as directed on the proxy. If a properly</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 96%; font: 9pt Times New Roman, Times, Serif; text-align: right"><B>FUELCELL ENERGY, INC.</B> - <I>Notice of Annual Meeting
    of Shareholders</I></TD>
    <TD STYLE="width: 4%; text-align: right"><B>36</B></TD></TR>
</TABLE>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">executed proxy is submitted and no instructions are given, the
proxy will be voted FOR the election of the directors named in this Proxy Statement and FOR the ratification of the appointment
of our auditors. It is not anticipated that any matters other than those set forth in this Proxy Statement will be presented at
the Annual Meeting. If other matters are presented, proxies will be voted in accordance with the discretion of the proxy holders.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any shareholder delivering a proxy
has the power to revoke it at any time before it is voted by giving written notice to the Secretary of the Company, by
executing and delivering to the Secretary a proxy card bearing a later date or by voting in person at the Annual Meeting.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to soliciting proxies through the mail, the Company
may solicit proxies through its directors and employees in person or by telephone. Brokerage firms, nominees, custodians and fiduciaries
also may be requested to forward proxy materials to the beneficial owners of shares held of record by them. All expenses incurred
in connection with the solicitation of proxies will be borne by the Company.</P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="lfca044"></A><B>Annual Report and Form 10-K</B></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Additional copies of the Company&rsquo;s Annual Report
to Shareholders for the Fiscal year ended October 31, 2013 and copies of the Company&rsquo;s Annual Report on Form 10-K for
the fiscal year ended October 31, 2013 as filed with the securities and exchange commission are available to shareholders
without charge upon written request addressed to: FuelCell Energy, Inc., 3 Great Pasture Road, Danbury, Connecticut 06813
Attn: Investor Relations or are also available through the company&rsquo;s website at <FONT STYLE="color: #007049"><I>www.fuelcellenergy.com.</I></FONT></B></P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="lfca045"></A><B>Other Matters</B></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this proxy statement, the Board of Directors
knows of no matters which will be presented for consideration at the Annual Meeting other than the proposals set forth in this
Proxy Statement. If any other matters properly come before the meeting, it is intended that the persons named in the proxy will
act in respect thereof in accordance with their best judgment.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><B>FuelCell Energy, Inc. Annual Meeting of Shareholders</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">Thursday, March 27, 2014 <BR>
10:00 a.m. Eastern Standard Time<BR>
 Hartford
Marriott Downtown <BR>
200 Columbus Blvd<BR>
 Hartford, Connecticut</P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="lfca046"></A><B>Information About Advance Registration for Attending the
Annual Meeting</B></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with the
Company&rsquo;s security procedures, admission to the annual meeting will be restricted to holders of record and beneficial
owners of FuelCell Energy voting securities as of the record date February 3, 2014. <B>You will need to provide a valid
government-issued photo identification, such as a driver&rsquo;s license or passport, to gain entry to the annual meeting. </B>Meeting
attendance requires advance registration. Please contact the office of the corporate secretary at corporatesecretary@fce.com
to request an admission ticket. If you do not have an admission ticket, you must present proof of ownership in order to be
admitted to the meeting.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 99%; margin-top: 0pt; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; width: 10pt"><FONT STYLE="color: #007049"><B>&bull;</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">If you are a holder of record of FuelCell Energy, you should indicate that you plan to attend the meeting when submitting your
proxy by checking the box (Yes) in the bottom left corner of your Proxy Card.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify"><FONT STYLE="color: rgb(0,112,73)"><B>&bull;</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">If you are
a beneficial owner of FuelCell Energy voting securities held by a bank, broker or other nominee, you will also need an admission
ticket or proof of ownership to be admitted to the meeting. A recent brokerage statement or letter from the bank, broker or other
nominee are examples of proof of ownership. If you want to vote in person your FuelCell Energy voting securities held by a bank,
broker or other nominee, you will have to obtain a proxy, executed in your favor, from the holder of record.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0; text-align: justify">Directions to the Hartford Marriott Downtown will be available in the Investor Relations section of the Company&rsquo;s web site at <I>www.fuelcellenergy.com</I>. If you have questions regarding admission to the annual meeting you may contact the office of the corporate secretary at:</TD></TR>
</TABLE>






<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">Office of the Corporate Secretary</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><B>FuelCell Energy, Inc.</B></P>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">3 Great Pasture Road<BR>
 Danbury, CT 06813-1305<BR>
 (203) 825-6102</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #007049"><I>corporatesecretary@fce.com</I></FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #007049"><I>&nbsp;</I></FONT></P>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">Please include the following information with your inquiry:</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 99%; margin-top: 0pt; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-indent: 0; width: 10pt; padding-right: 0"><FONT STYLE="color: #007049"><B>&bull;</B></FONT></TD>
    <TD STYLE="padding-left: 0; text-indent: 0; padding-right: 0">Your name and complete mailing address; <FONT STYLE="color: #007049"><B> </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-indent: 0; padding-right: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-indent: 0; padding-right: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-indent: 0; padding-right: 0"><FONT STYLE="color: rgb(0,112,73)"><B>&bull;</B></FONT></TD>
    <TD STYLE="padding-left: 0; text-indent: 0; padding-right: 0">Your email address; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-indent: 0; padding-right: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-indent: 0; padding-right: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-indent: 0; padding-right: 0"><FONT STYLE="color: rgb(0,112,73)"><B>&bull;</B></FONT></TD>
    <TD STYLE="padding-left: 0; text-indent: 0; padding-right: 0; text-align: justify">Proof that
you own FuelCell shares (such as a letter from your bank or broker or a photocopy of a current brokerage or other account statement).</TD></TR>
</TABLE>




<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #007049"><B></B></FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; width: 96%"><B>FUELCELL ENERGY, INC.</B> - <I>Notice of Annual Meeting of Shareholders</I></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; width: 4%"><B>37</B></TD></TR>
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<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="lfca047"></A><FONT STYLE="color: rgb(0,112,73)"><B>Annex A</B></FONT><B>
- FuelCell Energy, Inc. Amended &amp; Restated 2010 Equity Incentive Plan</B></P>

<P STYLE="font: 25pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">As proposed to be Amended by the Stockholders on March 27, 2014</P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 16pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 5%; color: rgb(0,112,73)"><B>1.</B></TD>
    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 95%"><B>Purpose of the
    Plan</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The purpose of this FuelCell Energy, Inc.
2010 Equity Incentive Plan (the &ldquo;<U>Plan</U>&rdquo;) is to advance the interests of FuelCell Energy, Inc., a Delaware corporation
(hereinafter, the &ldquo;<U>Company</U>&rdquo;), by stimulating the efforts of employees, directors and consultants who are selected
to be participants, aligning the long-term interests of such participants with those of stockholders, heightening the desire of
such participants to continue in working toward and contributing to the success of the Company, assisting the Company in competing
effectively with other enterprises to attract, motivate and retain the best available individuals for service to the Company.
The Plan permits the grant of Incentive Stock Options, Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock,
Restricted Stock Units, Performance Units, Performance Shares, Dividend Equivalent Rights and other Stock Based Awards.</P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 16pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 5%; color: rgb(0,112,73)"><B>2.</B></TD>
    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 95%"><B>Definitions</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">As used herein, the following definitions
will apply:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="width: 5%; text-align: left; color: rgb(0,112,73); font: 9pt Times New Roman, Times, Serif">(a)</TD>
    <TD STYLE="width: 95%; text-align: justify; font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Administrator</U>&rdquo; means
    a committee of the Board authorized pursuant to Section 4 of the Plan to administer the Plan in accordance with the terms
    and conditions set forth herein.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; color: rgb(0,112,73); font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; color: rgb(0,112,73); font: 9pt Times New Roman, Times, Serif">(b)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Affiliate</U>&rdquo; means, with respect
    to any specified person, any other person that directly or indirectly, through one or more intermediaries, controls, is controlled
    by, or is under common control with, such specified person (&ldquo;control,&rdquo; &ldquo;controlled by&rdquo; and &ldquo;under
    common control with&rdquo; will mean the possession, directly or indirectly, of the power to direct or cause the direction
    of the management and policies of a person, whether through ownership of voting securities, by contact or credit arrangement,
    as trustee or executor, or otherwise).</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; color: rgb(0,112,73); font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; color: rgb(0,112,73); font: 9pt Times New Roman, Times, Serif">(c)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Applicable Laws</U>&rdquo; means the requirements
    relating to the administration of equity-based awards or equity compensation plans under U.S. state corporate laws, U.S. federal
    and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted
    and the applicable laws of any foreign country or jurisdiction where Awards are, or will be, granted under the Plan.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; color: rgb(0,112,73); font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; color: rgb(0,112,73); font: 9pt Times New Roman, Times, Serif">(d)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Award</U>&rdquo; means, individually or
    collectively, a grant under the Plan of Options, SARs, Restricted Stock, Restricted Stock Units, Performance Shares, Performance
    Units, Dividend Equivalent Rights or Other Stock Based Awards.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; color: rgb(0,112,73); font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; color: rgb(0,112,73); font: 9pt Times New Roman, Times, Serif">(e)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Award Agreement</U>&rdquo; means the written
    or electronic agreement setting forth the terms and provisions applicable to each Award granted under the Plan. The Award
    Agreement is subject to the terms and conditions of the Plan.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; color: rgb(0,112,73); font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; color: rgb(0,112,73); font: 9pt Times New Roman, Times, Serif">(f)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Awarded Stock</U>&rdquo; means the Common
    Stock subject to an Award.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; color: rgb(0,112,73); font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; color: rgb(0,112,73); font: 9pt Times New Roman, Times, Serif">(g)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Board</U>&rdquo; means the Board of Directors
    of the Company.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; color: rgb(0,112,73); font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; color: rgb(0,112,73); font: 9pt Times New Roman, Times, Serif">(h)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Change in Control</U>&rdquo; means the
    occurrence of any of the following events:</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; color: rgb(0,112,73); font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; color: rgb(0,112,73); font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">(1) any &ldquo;person&rdquo; (as such term is used
    in Sections 13(d) and 14(d) of the Exchange Act) becomes the &ldquo;beneficial owner&rdquo; (as defined in Rule 13d-3 of the
    Exchange Act), directly or indirectly, of securities of the Company representing fifty percent or more of the total voting
    power represented by the Company&rsquo;s then outstanding voting securities and within three years from the date of such acquisition,
    a merger or consolidation of the Company with or into the person (or affiliate thereof) holding such beneficial ownership
    of securities of the Company is consummated; or (2) the consummation of the sale or disposition by the Company of all or substantially
    all of the Company&rsquo;s assets; (3) a change in the composition of the Board occurring within a two-year period, as a result
    of which fewer than a majority of the directors are Incumbent Directors; or (4) the consummation of a merger or consolidation
    of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities
    of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being
    converted into voting securities of the surviving entity or its parent) at least fifty percent of the total voting power represented
    by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or
    consolidation.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; color: rgb(0,112,73); font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; color: rgb(0,112,73); font: 9pt Times New Roman, Times, Serif">(i)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Code</U>&rdquo; means the Internal Revenue
    Code of 1986, as amended. Any reference to a section of the Code herein will be a reference to any successor or amended section
    of the Code.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; color: rgb(0,112,73); font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; color: rgb(0,112,73)">(j)</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify">&ldquo;<U>Common Stock</U>&rdquo; means the Common
    Stock, par value $.0001 per share, of the Company, or in the case of Performance Units and certain Other Stock Based Awards,
    the cash equivalent thereof.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; color: rgb(0,112,73); font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; color: rgb(0,112,73); font: 9pt Times New Roman, Times, Serif">(k)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Company</U>&rdquo; means FuelCell Energy,
    Inc., a Delaware corporation, or any successor thereto.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; color: rgb(0,112,73); font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; color: rgb(0,112,73); font: 9pt Times New Roman, Times, Serif">(l)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Consultant</U>&rdquo; means any person,
    including an advisor, engaged by the Company or a Parent or Subsidiary to render services to such entity.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; color: rgb(0,112,73); font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; color: rgb(0,112,73); font: 9pt Times New Roman, Times, Serif">(m)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Director</U>&rdquo; means a member of the
    Board.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; color: rgb(0,112,73); font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; color: rgb(0,112,73); font: 9pt Times New Roman, Times, Serif">(n)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Disability</U>&rdquo; means total and permanent
    disability as defined in Section 22(e)(3) of the Code, provided that in the case of Awards other than Incentive Stock Options,
    the Administrator</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; font: 9pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; width: 96%"><B>FUELCELL ENERGY, INC.</B> - <I>Notice of Annual Meeting of Shareholders</I></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; width: 4%"><B>38</B></TD></TR>
</TABLE>

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    <!-- Field: /Page -->



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="color: rgb(0,112,73)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">in its discretion may determine
    whether a permanent and total disability exists in accordance with uniform and non-discriminatory standards adopted by the
    Administrator from time to time.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: rgb(0,112,73)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: rgb(0,112,73)"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">(o)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Dividend Equivalent
    Right</U>&rdquo; means a credit, made at the discretion of the Administrator, that accrues to the account of a Participant
    in an amount equal to the cash dividends paid on one Share for each Share represented by an Award held by such Participant;
    provided that no such Dividend Equivalent Right shall be paid out to any Participant prior to the exercise, settlement, vesting
    or payment of the Award that gives rise to such right.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: rgb(0,112,73)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: rgb(0,112,73)"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">(p)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Employee</U>&rdquo;
    means any person, including Officers and Directors, employed by the Company or any Parent or Subsidiary of the Company. Neither
    service as a Director nor payment of a director&rsquo;s fee by the Company will be sufficient to constitute &ldquo;employment&rdquo;
    by the Company.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: rgb(0,112,73)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: rgb(0,112,73)"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">(q)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Exchange Act</U>&rdquo;
    means the Securities Exchange Act of 1934, as amended.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: rgb(0,112,73)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: rgb(0,112,73)"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">(r)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Fair Market Value</U>&rdquo;
    means, as of any date and unless the Administrator determines otherwise, the value of Common Stock determined as follows:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 90%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: rgb(0,112,73)"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; color: rgb(0,112,73)"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">(i)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">if the Common Stock is listed on any
    established stock exchange or a national market system, including without limitation the NASDAQ National Market or The NASDAQ
    SmallCap Market of The NASDAQ Stock Market, its Fair Market Value will be the closing sales price for such stock (or the closing
    bid, if no sales were reported) as quoted on such exchange or system for the day of determination, as reported in The Wall
    Street Journal or such other source as the Administrator deems reliable;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: rgb(0,112,73)"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; color: rgb(0,112,73)"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">(ii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">if the Common Stock is regularly quoted
    by a recognized securities dealer but selling prices are not reported, the Fair Market Value of a Share of Common Stock will
    be the mean between the high bid and low asked prices for the Common Stock for the day of determination, as reported in The
    Wall Street Journal or such other source as the Administrator deems reliable; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: rgb(0,112,73)"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; color: rgb(0,112,73)"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">(iii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">in the absence of an established market
    for the Common Stock, the Fair Market Value will be determined in good faith by the Administrator.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: rgb(0,112,73)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Notwithstanding the preceding,
    for federal, state, and local income tax reporting purposes and for such other purposes as the Administrator deems appropriate,
    the Fair Market Value shall be determined by the Administrator.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: rgb(0,112,73)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: rgb(0,112,73)"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">(s)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Fiscal Year</U>&rdquo;
    means the fiscal year of the Company.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: rgb(0,112,73)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: rgb(0,112,73)"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">(t)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Incentive Stock
    Option</U>&rdquo; means an Option intended to qualify as an incentive stock option within the meaning of Section 422 of the
    Code and the regulations promulgated thereunder.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: rgb(0,112,73)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: rgb(0,112,73)"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">(u)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Incumbent Directors</U>&rdquo;
    means directors who either (i) are Directors as of the effective date of the Plan, or (ii) are elected, or nominated for election,
    to the Board with the affirmative votes of at least a majority of the Incumbent Directors at the time of such election or
    nomination (but will not include an individual whose election or nomination is in connection with an actual or threatened
    proxy contest relating to the election of directors to the Company).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: rgb(0,112,73)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: rgb(0,112,73)"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">(v)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Nonstatutory Stock
    Option</U>&rdquo; means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock Option.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: rgb(0,112,73)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: rgb(0,112,73)"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">(w)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Officer</U>&rdquo;
    means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations
    promulgated thereunder.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: rgb(0,112,73)">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: rgb(0,112,73)"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">(x) </FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Option</U>&rdquo;
    means a stock option granted pursuant to the Plan.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: rgb(0,112,73)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: rgb(0,112,73)"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">(y) </FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Other Stock Based
    Awards</U>&rdquo; means any other awards not specifically described in the Plan that are valued in whole or in part by reference
    to, or are otherwise based on, Shares and are created by the Administrator pursuant to <U>Section 12</U>.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: rgb(0,112,73)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: rgb(0,112,73)"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">(z)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Outside Director</U>&rdquo;
    means a Director who is not an Employee.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: rgb(0,112,73)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: rgb(0,112,73)"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">(aa)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Parent</U>&rdquo;
    means a &ldquo;parent corporation,&rdquo; whether now or hereafter existing, as defined in Section 424(e) of the Code.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: rgb(0,112,73)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="color: rgb(0,112,73)"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">(bb)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Participant</U>&rdquo;
    means the holder of an outstanding Award granted under the Plan.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="color: rgb(0,112,73)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; color: rgb(0,112,73)">(cc)</TD>
    <TD COLSPAN="2" STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify">&ldquo;<U>Performance Goals</U>&rdquo;
    means the goal(s) (or combined goal(s)) determined by the Administrator (in its discretion) to be applicable to a Participant
    with respect to an Award. As determined by the Administrator, the Performance Goals applicable to an Award may provide for
    a targeted level or levels of achievement based on financial and non-financial measures that may include annual revenue, profits,
    earnings per share, net income, new orders, customer satisfaction, total shareholder return and other objectives determined
    by the Administrator. The Performance Goals may differ from Participant to Participant and from Award to Award. Any criteria
    used may be measured, as applicable, in absolute or relative terms (including passage of time and/or against another company
    or companies), on a per share basis, against the performance of the Company as a whole or any segment of the Company, and
    on a pre-tax or after-tax basis.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(dd)</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Performance Share</U>&rdquo;
    means an Award granted to a Service Provider pursuant to <U>Section 10</U> of the Plan giving rights to receive at a specified
    future date payment in cash or Common Stock, as determined by the Administrator, with respect to a specified number of shares
    of Common Stock based on the Company&rsquo;s performance during a specified period.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(ee)</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Performance Unit</U>&rdquo;
    means an Award granted to a Service Provider pursuant to <U>Section 10</U> of the Plan giving rights to receive at a specified
    future date payment in cash or Common Stock, as determined by the Administrator, with respect to a specified unit based on
    the Company&rsquo;s performance during a specified period.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(ff)</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Period of Restriction</U>&rdquo;
    means the period during which the transfer of Shares of Restricted Stock are subject to restrictions and therefore, the Shares
    are subject to a substantial risk of forfeiture. Such restrictions may be based on the passage of time, the achievement of
    target levels of performance, or the occurrence of other events as determined by the Administrator.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(gg)</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Plan</U>&rdquo; means this
    2010 Equity Incentive Plan.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(hh)</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Restricted Stock</U>&rdquo;
    means shares of Common Stock issued pursuant to a Restricted Stock award under <U>Section 8</U>, <U>Section 11</U> or <U>Section
    12</U> of the Plan or issued pursuant to the early exercise of an Option.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; font: 9pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; width: 96%"><B>FUELCELL ENERGY, INC.</B> - <I>Notice of Annual Meeting of Shareholders</I></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; width: 4%"><B>39</B></TD></TR>
</TABLE>

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    <!-- Field: /Page -->


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="width: 5%; text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(ii)</TD>
    <TD STYLE="width: 95%; text-align: justify; font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Restricted Stock Unit</U>&rdquo;
    means an Award that the Administrator permits to be paid in installments or on a deferred basis pursuant to<U> Section 11
    </U>of the Plan.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(jj)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Rule 16b-3</U>&rdquo; means Rule 16b-3
    of the Exchange Act or any successor to Rule 16b-3, as in effect when discretion is being exercised with respect to the Plan.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(kk)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&ldquo;Section 16(b)&rdquo; means Section 16(b) of
    the Exchange Act.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(ll)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&ldquo;Service Provider&rdquo; means an Employee,
    Director or Consultant.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(mm)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Share</U>&rdquo; means a share of the Common
    Stock, as adjusted in accordance with <U>Section 15</U> of the Plan.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(nn)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Stock Appreciation Right</U>&rdquo; or
    &ldquo;SAR&rdquo; means an Award, granted alone or in connection with an Option, that pursuant to<U> Section 9</U> of the
    Plan is designated as a SAR.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(oo)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Subsidiary</U>&rdquo; means a &ldquo;subsidiary
    corporation,&rdquo; whether now or hereafter existing, as defined in Section 424(f) of the Code.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(pp)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&ldquo;<U>Unvested Awards</U>&rdquo; means Options,
    Restricted Stock or Other Stock Based Awards that (i) were granted to an individual in connection with such individual&rsquo;s
    position as a Service Provider and (ii) are still subject to vesting or lapsing of Company repurchase rights or similar restrictions.</TD></TR>
</TABLE>
<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #007049"><B>&nbsp;</B></FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 5%; color: rgb(0,112,73)"><B>3.</B></TD>
    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 95%"><B>Stock Subject to the Plan</B></TD></TR>

</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; width: 5%"><FONT STYLE="color: #007049">(a)</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; width: 95%"><U>Stock Subject to the Plan</U>. Subject
    to the provisions of <U>Section 15</U> of the Plan, the maximum aggregate number of Shares that may be issued under the Plan
    is 15,500,000. The Shares may be authorized, but unissued, or reacquired Common Stock. Shares shall not be deemed to have
    been issued pursuant to the Plan (i) with respect to any portion of an Award that is settled in cash, or (ii) to the extent
    such Shares are withheld or tendered in satisfaction of tax withholding obligations. Upon payment in Shares pursuant to the
    exercise of an Award, the number of Shares available for issuance under the Plan shall be reduced only by the number of Shares
    actually issued in such payment. If a Participant pays the exercise price (or purchase price, if applicable) of an Award through
    the tender of Shares, the number of Shares so tendered shall again be available for issuance pursuant to future Awards under
    the Plan.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"><FONT STYLE="color: #007049">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"><FONT STYLE="color: #007049">(b)</FONT></TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Lapsed Awards</U>. If any outstanding Award expires
    or is terminated or canceled without having been exercised or settled in full, or if Shares acquired pursuant to an Award
    subject to forfeiture or repurchase are forfeited or repurchased by the Company, the Shares allocable to such expired, terminated
    or cancelled portion of such Award or such forfeited or repurchased Shares shall again be available for grant under the Plan.</TD></TR>
</TABLE>
<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #007049"><B>&nbsp;</B></FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 4%; color: rgb(0,112,73)"><B>4.</B></TD>
    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif"><B>Administration of the Plan</B></TD></TR>
</TABLE>
<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(a)</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"><U>Procedure</U>.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="width: 5%; text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(i)</TD>
    <TD STYLE="width: 90%; text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Administration</U>. The Plan will
    be administered by a committee of the Board that is comprised of directors meeting (i) the &ldquo;independent director&rdquo;
    definition set forth in The NASDAQ Marketplace Rules applicable to the Company, (ii) the &ldquo;non-employee director&rdquo;
    definition set forth in Rule 16b-3 promulgated under the Exchange Act, and (iii) as appropriate, all other Applicable Laws.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(ii)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Section 162(m)</U>. To the extent that the Administrator
    determines it to be desirable and necessary to qualify Awards granted hereunder as &ldquo;performance-based compensation&rdquo;
    within the meaning of Section 162(m) of the Code, such Awards will be structured to satisfy such requirements.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(iii)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Rule 16b-3</U>. To the extent that the Administrator
    determines it to be desirable and necessary to qualify Awards as exempt under Rule 16b-3 or other securities rule or regulation,
    the transactions contemplated hereunder will be structured to satisfy such requirements.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(iv)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Section 409A</U>. To the extent that the Administrator
    determines it to be desirable and necessary, Awards will be structured and administered (including the terms and conditions
    of such Awards as set forth in any applicable Award Agreement) so as to enable such Awards to be exempt under Section 409A
    of the Code or, to the extent the Award is subject to Section 409A, to comply with the applicable substantive provisions of
    Section 409A, and to the extent an Award is intended to be so structured and administered, the terms of the Plan and the Award
    shall be interpreted to comply with Section 409A.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(v)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Delegation of Authority for Day-to-Day Administration</U>.
    Except to the extent prohibited by Applicable Law, the Administrator may delegate to one or more individuals the day-to-day
    administration of the Plan and any of the functions assigned to it in this Plan. Such delegation may be revoked at any time.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(b)</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Powers of the Administrator</U>. Subject
    to the provisions of the Plan and the specific duties delegated by the Board, the Administrator will have the authority, in
    its discretion:</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(i)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">to determine the Fair Market Value;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(ii)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">to select the Service Providers to whom Awards may
    be granted hereunder;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(iii)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">to determine the number of Shares to be covered by
    each Award granted hereunder;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(iv)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">to approve forms of Award Agreements for use under
    the Plan;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(v)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">to determine the terms and conditions, not inconsistent
    with the terms of the Plan, of any Award granted hereunder. Such terms and conditions include, but are not limited to, the
    exercise price, the time or times when Awards may be exercised or paid (which may be based on performance criteria), any vesting
    acceleration or waiver of forfeiture or repurchase restrictions, and any restriction or limitation regarding any Award or
    the Shares relating thereto, based in each case on such factors as the Administrator, in its sole discretion, will determine;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(vi)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">to construe and interpret the terms of the Plan and
    Awards granted pursuant to the Plan;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; font: 9pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; width: 96%"><B>FUELCELL ENERGY, INC.</B> - <I>Notice of Annual Meeting of Shareholders</I></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; width: 4%"><B>40</B></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 8pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#toc" STYLE="font-weight: bold">Back to Contents</A></TD></TR></TABLE></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="width: 5%; text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(vii)</TD>
    <TD STYLE="width: 90%; text-align: justify; font: 9pt Times New Roman, Times, Serif">to prescribe, amend and rescind rules
    and regulations relating to the Plan, including rules and regulations relating to sub-plans established for the purpose of
    satisfying applicable foreign laws and/or qualifying for preferred tax treatment under applicable foreign tax laws;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(viii)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">to modify or amend each Award (subject to <U>Section
    18</U>), including the discretionary authority to extend the post-termination exercisability period of Awards longer than
    is otherwise provided for in the Plan;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(ix)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">to allow Participants to satisfy withholding tax
    obligations by electing to have the Company withhold from the Shares or cash to be issued upon exercise, vesting or payment
    of an Award that number of Shares or cash having a Fair Market Value equal to the minimum statutory amount required to be
    withheld. The Fair Market Value of any Shares to be withheld will be determined on the date that the amount of tax to be withheld
    is to be determined. All elections by a Participant to have Shares or cash withheld for this purpose will be made in such
    form and under such conditions as the Administrator may deem necessary or advisable;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(x)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">to authorize any person to execute on behalf of the
    Company any instrument required to implement the grant of an Award previously granted by the Administrator;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(xi)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">to allow a Participant to defer the receipt of the
    payment of cash or the delivery of Shares that would otherwise be due to such Participant under an Award;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(xii)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">to determine whether Awards will be settled in Shares,
    cash or in any combination thereof;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(xiii)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">to determine whether Awards will be adjusted for
    Dividend Equivalents;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(xiv)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">to create Other Stock Based Awards for issuance under
    the Plan;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(xv)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">to establish a program whereby Service Providers
    designated by the Administrator can reduce compensation otherwise payable in cash in exchange for Awards under the Plan;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(xvi)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">to impose such restrictions, conditions or limitations
    as it determines appropriate as to the timing and manner of any resales by a Participant or other subsequent transfers by
    the Participant of any Shares issued as a result of or under an Award, including without limitation, (A) restrictions under
    an insider trading policy, and (B) restrictions as to the use of a specified brokerage firm for such resales or other transfers;
    and</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(xvii)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">to make all other determinations deemed necessary
    or advisable for administering the Plan.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(c)</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Effect of Administrator&rsquo;s Decision</U>.
    The Administrator&rsquo;s decisions, determinations and interpretations will be final and binding on all Participants and
    any other holders of Awards.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(d)</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>No Repricing or Exchange Program without
    Stockholder Approval</U>. Without the prior approval of the Company&rsquo;s stockholders, no Award issued under the Plan shall
    be exchanged for another Award in an exchange program nor shall any Option otherwise have its exercise price reduced.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except in connection
with a corporate transaction involving the company (including, without limitation, any stock dividend, stock split, extraordinary
cash dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination, or exchange of shares),
the terms of outstanding awards may not be amended to reduce the exercise price of outstanding Options or SARs or cancel outstanding
Options or SARS in exchange for cash, other awards or Options or SARs with an exercise price that is less than the exercise price
of the original Options or SARs without stockholder approval.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Repricing of Options
or SARs shall not be permitted without stockholder approval. For this purpose, a &ldquo;repricing&rdquo; means any of the following
(or any other action that has the same effect as any of the following): (A) changing the terms of an Option or SAR to lower its
Exercise Price; (B) any other action that is treated as a &ldquo;repricing&rdquo; under generally accepted accounting principles;
and (C) repurchasing for cash or canceling an Option or SAR at a time when its Exercise Price is greater than the Fair Market
Value of the underlying stock in exchange for another Award, unless the cancellation and exchange occurs in connection with an
event set forth in Section 12. Such cancellation and exchange would be considered a &ldquo;repricing&rdquo; regardless of whether
it is treated as a &ldquo;repricing&rdquo; under generally accepted accounting principles and regardless of whether it is voluntary
on the part of the Participant.</P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 5%; color: rgb(0,112,73)"><B>5.</B></TD>
    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 95%"><B>Eligibility</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Nonstatutory Stock
Options, Restricted Stock, Stock Appreciation Rights, Performance Units, Performance Shares, Restricted Stock Units and Other
Stock Based Awards may be granted to Service Providers. Incentive Stock Options may be granted only to Employees.</P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 5%; color: rgb(0,112,73)"><B>6.</B></TD>
    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 95%"><B>Limitations</B></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; color: rgb(0,112,73); width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; color: rgb(0,112,73); width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 90%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(a)</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>ISO $100,000 Rule</U>. Each Option
    will be designated in the Award Agreement as either an Incentive Stock Option or a Nonstatutory Stock Option. Notwithstanding
    such designation, to the extent that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock Options
    are exercisable for the first time by the Participant during any calendar year (under all plans of the Company and any Parent
    or Subsidiary) exceeds $100,000, such Options will be treated as Nonstatutory Stock Options. For purposes of this <U>Section
    6(a)</U>, Incentive Stock Options will be taken into account in the order in which they were granted. The Fair Market Value
    of the Shares will be determined as of the time the Option with respect to such Shares is granted.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(b)</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>No Rights as a Service Provider</U>.
    Neither the Plan nor any Award shall confer upon a Participant any right with respect to continuing his or her relationship
    as a Service Provider, nor shall they interfere in any way with the right </TD></TR>
</TABLE>




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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; font: 9pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; width: 96%"><B>FUELCELL ENERGY, INC.</B> - <I>Notice of Annual Meeting of Shareholders</I></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; width: 4%"><B>41</B></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 8pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#toc" STYLE="font-weight: bold">Back to Contents</A></TD></TR></TABLE></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">of the Participant or the right of the
    Company or its Parent or Subsidiaries to terminate such relationship at any time, with or without cause.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(c)</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"><U>162(m) Limitation</U>. The following
    limitations shall apply to Awards under the Plan:</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="width: 5%; text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="width: 90%; text-align: left; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(i)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Option and SAR Share Annual Limit</U>. No Service
    Provider will be granted, in any Fiscal Year, Options and/or SARs to purchase more than 250,000 Shares.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(ii)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Section 162(m) Performance Restrictions</U> .
    For purposes of qualifying grants of Restricted Stock, Restricted Stock Units, Performance Shares or Performance Units as
    &ldquo;performance-based compensation&rdquo; under Section 162(m) of the Code, the Administrator, in its discretion, may set
    restrictions based upon the achievement of Performance Goals. The Performance Goals shall be set by the Administrator on or
    before the latest date permissible to enable the Restricted Stock Units, Restricted Stock, Performance Shares or Performance
    Units to qualify as &ldquo;performance-based compensation&rdquo; under Section 162(m) of the Code. In granting Restricted
    Stock Units, Restricted Stock, Performance Shares or Performance Units which are intended to qualify under Section 162(m)
    of the Code, the Administrator shall follow any procedures determined by it from time to time to be necessary or appropriate
    to ensure qualification of the Award under Section 162(m) of the Code (e.g., in determining the Performance Goals).</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(iii)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">The foregoing limitations will be adjusted proportionately
    in connection with any change in the Company&rsquo;s capitalization as described in <U>Section 15</U>.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(iv)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">If an Award is cancelled in the same Fiscal Year
    in which it was granted (other than in connection with a transaction described in <U>Section 15</U>), the cancelled Award
    will be counted against the limits set forth in subsections (i) and (ii) above. For this purpose, if the exercise price of
    an Option is reduced, the transaction will be treated as a cancellation of the Option and the grant of a new Option.</TD></TR>
</TABLE>
<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
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    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 4%; color: rgb(0,112,73)"><B>7.</B></TD>
    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif"><B>Stock Options</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(a)</TD>
    <TD COLSPAN="4" STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Term of Option</U>. The term of each
    Option will be ten years from the date of grant or such shorter term as may be provided in the Award Agreement. Moreover,
    in the case of an Incentive Stock Option granted to a Participant who, at the time the Incentive Stock Option is granted,
    owns stock representing more than ten percent of the total combined voting power of all classes of stock of the Company or
    any Parent or Subsidiary, the term of the Incentive Stock Option will be five years from the date of grant or such shorter
    term as may be provided in the Award Agreement.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(b)</TD>
    <TD COLSPAN="4" STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"><U>Option Exercise Price and Consideration</U>.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(i)</TD>
    <TD COLSPAN="3" STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Exercise Price</U>. The per Share
    exercise price for the Shares to be issued pursuant to exercise of an Option will be determined by the Administrator, subject
    to the following:</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="width: 5%; text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="width: 80%; text-align: left; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(1)</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">In the case of an Incentive Stock Option</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(A)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">granted to an Employee who, at the time the Incentive
    Stock Option is granted, owns stock representing more than ten percent of the voting power of all classes of stock of the
    Company or any Parent or Subsidiary, the per Share exercise price will be no less than 110% of the Fair Market Value per Share
    on the date of grant.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(B)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">granted to any Employee other than an Employee described
    in paragraph (A) immediately above, the per Share exercise price will be no less than 100% of the Fair Market Value per Share
    on the date of grant.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(2)</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">In the case of a Nonstatutory Stock Option,
    the per Share exercise price will be determined by the Administrator. In the case of a Nonstatutory Stock Option intended
    to qualify as &ldquo;performance-based compensation&rdquo; within the meaning of Section 162(m) of the Code or for the exemption
    from treatment as deferred compensation under Section 409A of the Code, the per Share exercise price will be no less than
    100% of the Fair Market Value per Share on the date of grant.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

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<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="width: 5%; text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(ii)</TD>
    <TD STYLE="width: 90%; text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Waiting Period, Vesting, Exercise
    Dates</U>. At the time an Option is granted, the Administrator will fix the period within which the Option may be exercised
    and will determine any conditions, including the vesting schedule, that must be satisfied before the Option may be exercised.
    Any Option granted to a Participant who is not a Director or Consultant shall vest ratably as determined by the Administrator
    over a period of at least three years. Any Option granted to a Participant who is a Director or Consultant shall vest ratably
    as determined by the Administrator over a period of at least one year. Notwithstanding the foregoing vesting periods, the
    Administrator may in its discretion grant Options with a vesting schedule that is less than the applicable period set forth
    above, or shorten the vesting schedule of an outstanding Option to a period less than the applicable period set forth above,
    when such Options are granted to a Participant in connection with his or her commencement of service with the Company or any
    Affiliate of the Company or are granted to a Participant who retires, dies or becomes disabled due to a Disability while in
    service with the Company or any Affiliate of the Company, or in connection with other situations not in the ordinary course
    of business.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(c)</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Form of Consideration</U>. The Administrator
    will determine the acceptable form of consideration for exercising an Option, including the method of payment. In the case
    of an Incentive Stock Option, the Administrator will determine the acceptable form of consideration at the time of grant.
    Such consideration to the extent permitted by Applicable Laws may consist entirely of:</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(i)</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">cash;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(ii) </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">check;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(iii) </TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">other Shares which meet the conditions established
    by the Administrator to avoid adverse accounting consequences (as determined by the Administrator);</TD></TR>
</TABLE>



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    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; width: 96%"><B>FUELCELL ENERGY, INC.</B> - <I>Notice of Annual Meeting of Shareholders</I></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; width: 4%"><B>42</B></TD></TR>
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    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73); width: 5%">(iv) </TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; width: 90%">consideration received by the Company
    under a cashless exercise program implemented by the Company in connection with the Plan;</TD></TR>
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    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
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    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(v) </TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">any combination of the foregoing methods of payment;
    or</TD></TR>
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    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(vi) </TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">such other consideration and method of payment for
    the issuance of Shares to the extent permitted by Applicable Laws.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(d)</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif"><U>Exercise of Option</U>.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(i)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Procedure for Exercise; Rights as a Stockholder</U>.
    Any Option granted hereunder will be exercisable according to the terms of the Plan and at such times and under such conditions
    as determined by the Administrator and set forth in the Award Agreement. An Option may not be exercised for a fraction of
    a Share. An Option will be deemed exercised when the Company receives: (A) written or electronic notice of exercise (in accordance
    with the Award Agreement) from the person entitled to exercise the Option, and (B) full payment for the Shares with respect
    to which the Option is exercised. Full payment may consist of any consideration and method of payment authorized by the Administrator
    and permitted by the Award Agreement and the Plan. Shares issued upon exercise of an Option will be issued in the name of
    the Participant or, if requested by the Participant, in the name of the Participant and his or her spouse. Until the Shares
    are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the
    Company), no right to vote or receive dividends or any other rights as a stockholder will exist with respect to the Awarded
    Stock, notwithstanding the exercise of the Option. The Company will issue (or cause to be issued) such Shares promptly after
    the Option is exercised. No adjustment will be made for a dividend or other right for which the Record Date is prior to the
    date the Shares are issued, except as provided in <U>Section 15</U> of the Plan or the applicable Award Agreement. Exercising
    an Option in any manner will decrease the number of Shares thereafter available for sale under the Option, by the number of
    Shares as to which the Option is exercised.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(ii)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Termination of Relationship as a Service Provider</U>.
    If a Participant ceases to be a Service Provider, other than upon the Participant&rsquo;s death or Disability, the Participant
    may exercise his or her Option within such period of time as is specified in the Award Agreement to the extent that the Option
    is vested on the date of termination (but in no event later than the expiration of the term of such Option as set forth in
    the Award Agreement). In the absence of a specified time in the Award Agreement, the Option will remain exercisable for three
    months following the Participant&rsquo;s termination. Unless otherwise provided by the Administrator, if on the date of termination
    the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will
    revert to the Plan following the Participant&rsquo;s termination. If after termination the Participant does not exercise his
    or her Option within the time specified by the Administrator, the Option will terminate, and the Shares covered by such Option
    will revert to the Plan.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(iii)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Disability of Participant</U>. If a Participant
    ceases to be a Service Provider as a result of the Participant&rsquo;s Disability, the Participant may exercise his or her
    Option within such period of time as is specified in the Award Agreement to the extent the Option is vested on the date of
    termination (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement). In
    the absence of a specified time in the Award Agreement, the Option will remain exercisable for twelve months following the
    Participant&rsquo;s termination. Unless otherwise provided by the Administrator, if on the date of termination the Participant
    is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert to the
    Plan following the Participant&rsquo;s termination. If after termination the Participant does not exercise his or her Option
    within the time specified herein, the Option will terminate, and the Shares covered by such Option will revert to the Plan.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(iv)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Death of Participant</U>. If a Participant dies
    while a Service Provider, the Option may be exercised following the Participant&rsquo;s death within such period of time as
    is specified in the Award Agreement to the extent that the Option is vested on the date of death (but in no event may the
    Option be exercised later than the expiration of the term of such Option as set forth in the Award Agreement), by the Participant&rsquo;s
    designated beneficiary, provided such beneficiary has been designated prior to Participant&rsquo;s death in a form acceptable
    to the Administrator. If no such beneficiary has been designated by the Participant, then such Option may be exercised by
    the personal representative of the Participant&rsquo;s estate or by the person(s) to whom the Option is transferred pursuant
    to the Participant&rsquo;s will or in accordance with the laws of descent and distribution. In the absence of a specified
    time in the Award Agreement, the Option will remain exercisable for twelve months following Participant&rsquo;s death. If
    the Option is not so exercised within the time specified herein, the Option will terminate, and the Shares covered by such
    Option will revert to the Plan.</TD></TR>
</TABLE>
<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 5%; color: rgb(0,112,73)"><B>8.</B></TD>
    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 95%"><B>Restricted Stock</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="width: 5%; text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(a)</TD>
    <TD STYLE="width: 95%; text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Grant of Restricted Stock</U>. Subject
    to the terms and provisions of the Plan, the Administrator, at any time and from time to time, may grant Shares of Restricted
    Stock to Service Providers in such amounts as the Administrator, in its sole discretion, will determine. Subject to <U>Section
    6(c)(ii)</U> hereof, the Administrator shall have complete discretion to determine (i) the number of Shares subject to a Restricted
    Stock award granted to any Participant, and (ii) the conditions that must be satisfied, which typically will be based principally
    or solely on continued provision of services but may include a performance-based component, upon which is conditioned the
    grant, vesting or issuance of Restricted Stock. Notwithstanding the preceding sentence, (i) any Restricted Stock</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; font: 9pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; width: 96%"><B>FUELCELL ENERGY, INC.</B> - <I>Notice of Annual Meeting of Shareholders</I></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; width: 4%"><B>43</B></TD></TR>
</TABLE>

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    <!-- Field: /Page -->


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; color: rgb(0,112,73); width: 5%">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; width: 95%">granted to a Participant who is not a
    Director or Consultant shall vest ratably as determined by the Administrator over a period of at least three years, and (ii)
    any Restricted Stock granted to a Director or Consultant shall vest ratably as determined by the Administrator over a period
    of at least one year. Notwithstanding the foregoing vesting periods, the Administrator may in its discretion grant Restricted
    Stock with a vesting schedule that is less than the applicable period set forth above, or shorten the vesting schedule of
    outstanding Restricted Stock to a period less than the applicable period set forth above, when such Restricted Stock is granted
    to a Participant in connection with his or her commencement of service with the Company or any Affiliate of the Company or
    is granted to a Participant who retires, dies or becomes disabled due to a Disability while in service with the Company or
    any Affiliate of the Company, or in connection with other situations not in the ordinary course of business.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(b)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Restricted Stock Agreement</U>. Each Award of
    Restricted Stock will be evidenced by an Award Agreement that will specify the Period of Restriction, the number of Shares
    granted, and such other terms and conditions as the Administrator, in its sole discretion, will determine. Unless the Administrator
    determines otherwise, Shares of Restricted Stock will be held by the Company as escrow agent until the restrictions on such
    Shares have lapsed.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(c)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Transferability</U>. Except as provided in this
    <U>Section 8</U>, Shares of Restricted Stock may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated
    until the end of the applicable Period of Restriction.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(d)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Other Restrictions</U>. The Administrator, in
    its sole discretion, may impose such other restrictions on Shares of Restricted Stock as it may deem advisable or appropriate.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(e)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Removal of Restrictions</U>. Except as otherwise
    provided in this <U>Section 8</U>, Shares of Restricted Stock covered by each Restricted Stock grant made under the Plan will
    be released from escrow as soon as practicable after the last day of the Period of Restriction.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(f)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Voting Rights</U>. During the Period of Restriction,
    Service Providers holding Shares of Restricted Stock granted hereunder may exercise full voting rights with respect to those
    Shares, unless the Administrator determines otherwise.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(g)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Dividends and Other Distributions</U>. During
    the Period of Restriction, Service Providers holding Shares of Restricted Stock will be entitled to receive all dividends
    and other distributions paid with respect to such Shares unless otherwise provided in the Award Agreement. If any such dividends
    or distributions are paid in Shares, the Shares will be subject to the same restrictions on transferability and forfeitability
    as the Shares of Restricted Stock with respect to which they were paid.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(h)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Return of Restricted Stock to Company</U>. On
    the date set forth in the Award Agreement, the Restricted Stock for which restrictions have not lapsed will revert to the
    Company and again will become available for grant under the Plan.</TD></TR>
</TABLE>
<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 5%; color: rgb(0,112,73)"><B>9.</B></TD>
    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 95%"><B>Stock Appreciation Rights</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="width: 5%; text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(a)</TD>
    <TD STYLE="width: 95%; text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Grant of SARs</U>. Subject to the
    terms and conditions of the Plan, a SAR may be granted to Service Providers at any time and from time to time as will be determined
    by the Administrator, in its sole discretion.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(b)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Number of Shares</U>. Subject to <U>Section 6(c)(i)
    </U>of the Plan, the Administrator will have complete discretion to determine the number of SARs granted to any Service Provider.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(c)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Exercise Price and Other Terms</U>. The Administrator,
    subject to the provisions of the Plan, will have complete discretion to determine the terms and conditions of SARs granted
    under the Plan. Any SAR granted to a Participant who is not a Director or Consultant shall vest ratably as determined by the
    Administrator over a period of at least three years. Any SAR granted to a Participant who is a Director or Consultant shall
    vest ratably as determined by the Administrator over a period of at least one year. Notwithstanding the foregoing vesting
    periods, the Administrator may in its discretion grant SARs with a vesting schedule that is less than the applicable period
    set forth above, or shorten the vesting schedule of an outstanding SAR to a period less than the applicable period set forth
    above, when such SARs are granted to a Participant in connection with his or her commencement of service with the Company
    or any Affiliate of the Company or are granted to a Participant who retires, dies or becomes disabled due to a Disability
    while in service with the Company or any Affiliate of the Company, or in connection with other situations not in the ordinary
    course of business.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(d)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Exercise of SARs</U>. SARs will be exercisable
    on such terms and conditions as the Administrator, in its sole discretion, will determine; provided that each SAR shall have
    a term that is not longer than ten years from the date of grant.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(e)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>SAR Agreement</U>. Each SAR grant will be evidenced
    by an Award Agreement that will specify the exercise price, the term of the SAR, the conditions of exercise, and such other
    terms and conditions as the Administrator, in its sole discretion, will determine.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(f)</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Expiration of SARs</U>. An SAR granted
    under the Plan will expire upon the date determined by the Administrator, in its sole discretion, and set forth in the Award
    Agreement. Notwithstanding the foregoing, the rules of <U>Sections 7(d)(ii)</U>, <U>7(d)(iii)</U> and <U>7(d)(iv) </U>also
    will apply to SARs.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(g)</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Payment of SAR Amount</U>. Upon exercise
    of an SAR, a Participant will be entitled to receive payment from the Company in an amount determined by multiplying:</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="width: 5%; text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="width: 90%; text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(i)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">The difference between the Fair Market Value of a Share on the date of exercise over the exercise
    price; times</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(ii)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">The number of Shares with respect to which the SAR is exercised.</TD></TR>
</TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">At the discretion of the Administrator, the
payment upon SAR exercise may be in cash, in Shares of equivalent value, or in some combination thereof.</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; font: 9pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; width: 96%"><B>FUELCELL ENERGY, INC.</B> - <I>Notice of Annual Meeting of Shareholders</I></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; width: 4%"><B>44</B></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 8pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#toc" STYLE="font-weight: bold">Back to Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 5%; color: rgb(0,112,73)"><B>10.</B></TD>
    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 95%"><B>Performance Units and Performance Shares</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="width: 5%; text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(a)</TD>
    <TD STYLE="width: 95%; text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Grant of Performance Units/Shares</U>.
    Subject to the terms and conditions of the Plan, Performance Units and Performance Shares may be granted to Service Providers
    at any time and from time to time, as will be determined by the Administrator, in its sole discretion. Subject to <U>Section
    6(c)(ii)</U>, the Administrator will have complete discretion in determining the number of Performance Units and Performance
    Shares granted to each Participant.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(b)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Value of Performance Units/Shares</U>. Each Performance
    Unit will have an initial value that is established by the Administrator on or before the date of grant. Each Performance
    Share will have an initial value equal to the Fair Market Value of a Share on the date of grant.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(c)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Performance Objectives and Other Terms</U>. The
    Administrator will set Performance Goals in its discretion which, depending on the extent to which they are met, will determine
    the number or value of Performance Units/Shares that will be paid out to the Service Providers. The time period during which
    the performance objectives must be met will be called the &ldquo;Performance Period.&rdquo; The Performance Period shall be
    such period as determined by the Administrator, which period shall not be less than one year, provided that, the Administrator
    may in its discretion provide a Performance Period of less than one year, or shorten the Performance Period, when the Performance
    Units or Performance Shares are granted to a Participant in connection with his or her commencement of service with the Company
    or any Affiliate of the Company or are granted to a Participant who retires, dies or becomes disabled due to a Disability
    while in service with the Company or any Affiliate of the Company, or in connection with other situations not in the ordinary
    course of business. Each Award of Performance Units/Shares will be evidenced by an Award Agreement that will specify the Performance
    Period, and such other terms and conditions as the Administrator, in its sole discretion, will determine. The Administrator
    may set Performance Goals based upon the achievement of Company-wide, divisional, or individual goals, applicable federal
    or state securities laws, or any other basis determined by the Administrator in its discretion.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(d)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Earning of Performance Units/Shares</U>. After
    the applicable Performance Period has ended, the holder of Performance Units/Shares will be entitled to receive a payout of
    the number of Performance Units/Shares earned by the Participant over the Performance Period, to be determined as a function
    of the extent to which the corresponding Performance Goals have been achieved.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(e)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Form and Timing of Payment of Performance Units/Shares</U>.
    Payment of earned Performance Units/Shares will be made as soon after the expiration of the applicable Performance Period
    as determined by the Administrator. The Administrator, in its sole discretion, may pay earned Performance Units/Shares in
    the form of cash, in Shares (which have an aggregate Fair Market Value equal to the value of the earned Performance Units/Shares
    at the close of the applicable Performance Period) or in a combination thereof.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(f)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Cancellation of Performance Units/Shares</U>.
    On the date set forth in the Award Agreement, all unearned or unvested Performance Units/Shares will be forfeited to the Company,
    and again will be available for grant under the Plan.</TD></TR>
</TABLE>
<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 48.95pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 5%; color: rgb(0,112,73)"><B>11.</B></TD>
    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 95%"><B>Restricted Stock Units</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Restricted Stock
Units shall consist of a Restricted Stock, Performance Share or Performance Unit Award that the Administrator, in its sole discretion
permits to be paid out in installments or on a deferred basis, in accordance with rules and procedures established by the Administrator.
Restricted Stock Units will be subject to such terms and conditions (including but not limited to those relating to vesting, performance
goals and performance periods) as determined by the Administrator, subject to such rules and limitations as are consistent with,
as applicable, the provisions of the Plan applicable to Restricted Stock, Performance Units and Performance Shares.</P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 48.95pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 5%; color: rgb(0,112,73)"><B>12.</B></TD>
    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 95%"><B>Other Stock Based Awards</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other Stock Based
Awards may be granted separately, in addition to, or in lieu of other Awards granted under the Plan or cash awards made outside
of the Plan. The Administrator shall have authority to determine the Service Providers to whom and the time or times at which
Other Stock Based Awards shall be made, the amount of such Other Stock Based Awards, and all other conditions of the Other Stock
Based Awards including any dividend and/or voting rights. Any Other Stock Based Award pursuant to which vesting, settlement, exercise
or payment is based on completion of a prescribed service period or passage of time and (i) which is granted to a Participant
who is not a Director or Consultant shall vest ratably as determined by the Administrator over a period of at least three years
or (ii) which is granted to a Director or Consultant shall vest ratably as determined by the Administrator over a period of at
least one year. Notwithstanding the foregoing, the Administrator may in its discretion grant Other Stock Based Awards with a vesting,
settlement, exercise or payment schedule that is less than the applicable period set forth above, or shorten the vesting, settlement,
exercise or payment schedule of an outstanding Other Stock Based Award, when such awards are granted to Participant in connection
with his or her commencement of service with the Company or any Affiliate of the Company or are granted to a Participant who retires,
dies or becomes disabled due to a Disability while in service with the Company or any Affiliate of the Company, or in connection
with other situations not in the ordinary course of business. In the case of an Other Stock Based Award that vests, is settled
or paid or is exercisable upon the attainment of performance goals, the performance period applicable to such Award shall not
be less than one year, provided that, a performance period of less than one year may apply as determined by the Administrator</P>




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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; font: 9pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; width: 96%"><B>FUELCELL ENERGY, INC.</B> - <I>Notice of Annual Meeting of Shareholders</I></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; width: 4%"><B>45</B></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 8pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#toc" STYLE="font-weight: bold">Back to Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">when the award is granted to a Participant in connection with his or her commencement of service with the Company or any Affiliate
of the Company or is granted to a Participant who retires, dies or becomes disabled due to a Disability while in service with
the Company or any Affiliate of the Company, or in connection with other situations not in the ordinary course of business.</P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 48.95pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 5%; color: rgb(0,112,73)"><B>13.</B></TD>
    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 95%"><B>Leaves of Absence</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless the Administrator provides otherwise,
vesting of Awards granted hereunder will continue during any authorized leave of absence provided such leave does not exceed 90
days. If the leave of absence exceeds 90 days, vesting of Awards shall continue as determined by the Administrator. A Service
Provider will not cease to be an Employee in the case of (a) any leave of absence approved by the Company or (b) transfers between
locations of the Company or between the Company, its Parent, or any Subsidiary. For purposes of Incentive Stock Options, no such
leave may exceed 90 days, unless reemployment upon expiration of such leave is guaranteed by statute or contract. If reemployment
upon expiration of a leave of absence approved by the Company is not so guaranteed, then three months following the 91 st day
of such leave any Incentive Stock Option held by the Participant will cease to be treated as an Incentive Stock Option and will
be treated for tax purposes as a Nonstatutory Stock Option.</P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 48.95pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 5%; color: rgb(0,112,73)"><B>14.</B></TD>
    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 95%"><B>Non-Transferability of Awards</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An Award may not
be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent
or distribution and may be exercised, during the lifetime of the Participant, only by the Participant.</P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 48.95pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 5%; color: rgb(0,112,73)"><B>15.</B></TD>
    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 95%"><B>Adjustments; Dissolution or Liquidation; Change in Control</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="width: 5%; text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(a)</TD>
    <TD STYLE="width: 95%; text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Adjustments</U>. In the event that
    any dividend (excluding an ordinary dividend) or other distribution (whether in the form of cash, Shares, other securities,
    or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off,
    combination, repurchase, or exchange of Shares or other securities of the Company, or other change in the corporate structure
    of the Company affecting the Shares occurs, then the Administrator shall appropriately adjust (consistent, as applicable,
    with Code Sections 422 and 424) the number and class of Shares which may be delivered under the Plan, the Code Section 162(m)
    annual share issuance limits under <U>Section 6(c)</U> of the Plan, and the number, class, and price of Shares subject to
    outstanding Awards. Notwithstanding the preceding, the number of Shares subject to any Award always shall be a whole number.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(b)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Dissolution or Liquidation</U>. In the event of
    the proposed dissolution or liquidation of the Company, the Administrator will notify each Participant as soon as practicable
    prior to the effective date of such proposed transaction. The Administrator in its discretion may provide for a Participant
    to have the right to exercise his or her Award, to the extent applicable, until ten days prior to such transaction as to all
    of the Awarded Stock covered thereby, including Shares as to which the Award would not otherwise be exercisable. In addition,
    the Administrator may provide that any Company repurchase option or forfeiture rights applicable to any Award shall lapse
    100%, and that any Award vesting shall accelerate 100%, provided the proposed dissolution or liquidation takes place at the
    time and in the manner contemplated. To the extent it has not been previously exercised or vested, an Award will terminate
    immediately prior to the consummation of such proposed action.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(c)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Change in Control</U>. In the event of a Change
    in Control, the Administrator in its discretion may, at the time an Award is made or at any time thereafter, take one or more
    of the following actions: (i) provide for the acceleration of any time period relating to the exercise or realization of the
    Award, (ii) provide for the purchase of the Award upon the Participant&rsquo;s request for an amount of cash or other property
    that could have been received upon the exercise or realization of the Award had the Award been currently exercisable or payable,
    (iii) adjust the terms of the Award in a manner determined by the Administrator to reflect the Change in Control, (iv) cause
    the Award to be assumed, or new rights substituted therefore, by another entity, or (v) make such other provision as the Administrator
    may consider equitable and in the best interests of the Company. Notwithstanding the foregoing, any change in Incentive Stock
    Options shall comply with the rules under Section 424 of the Code and no change may be made to any Award which would make
    the Award subject to the provisions of Section 409A of the Code.</TD></TR>
</TABLE>
<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 48.95pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 99%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 5%; color: rgb(0,112,73)"><B>16.</B></TD>
    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 95%"><B>Date of Grant</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The date of grant
of an Award will be, for all purposes, the date on which the Administrator makes the determination granting such Award, or such
other later date as is determined by the Administrator. Notice of the determination will be provided to each Participant within
a reasonable time after the date of such grant.</P>




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

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    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; width: 96%"><B>FUELCELL ENERGY, INC.</B> - <I>Notice of Annual Meeting of Shareholders</I></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; width: 4%"><B>46</B></TD></TR>
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    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 5%; color: rgb(0,112,73)"><B>17.</B></TD>
    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 95%"><B>Term of Plan</B></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to <U>Section 22</U> of the Plan,
the Plan will become effective upon its adoption by the Board. It will continue in effect for a term of ten years unless terminated
earlier under <U>Section 18</U> of the Plan.</P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 48.95pt">&nbsp;</P>

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    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 5%; color: rgb(0,112,73)"><B>18.</B></TD>
    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 95%"><B>Amendment and Termination of the Plan</B></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
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    <TD STYLE="width: 5%; text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(a)</TD>
    <TD STYLE="width: 95%; text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Amendment and Termination</U>. The
    Board may at any time amend, alter, suspend or terminate the Plan; provided that any material amendment to the Plan shall
    require shareholder approval in accordance with Rule 4350(i)(1)(A) of The NASDAQ Marketplace Rules applicable to the Company.</TD></TR>

<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="width: 5%; text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(b)</TD>
    <TD STYLE="width: 95%; text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Effect of Amendment or Termination</U>.
    Subject to <U>Section 20</U> of the Plan, no amendment, alteration, suspension or termination of the Plan will materially
    impair the vested rights of any Participant with respect to any outstanding Award, unless mutually agreed otherwise between
    the Participant and the Administrator, which agreement must be in writing and signed by the Participant and the Company, or
    except as may otherwise be necessary or advisable in order to comply with the requirements of Code Section 409A. Termination
    of the Plan will not affect the Administrator&rsquo;s ability to exercise the powers granted to it hereunder with respect
    to Awards granted under the Plan prior to the date of such termination.</TD></TR>
</TABLE>
<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 48.95pt">&nbsp;</P>
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    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 5%; color: rgb(0,112,73)"><B>19.</B></TD>
    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 95%"><B>Conditions Upon Issuance of Shares</B></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
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<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="width: 5%; text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(a)</TD>
    <TD STYLE="width: 95%; text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Legal Compliance</U>. Shares will
    not be issued pursuant to the exercise of an Award unless the exercise of such Award and the issuance and delivery of such
    Shares will comply with Applicable Laws and will be further subject to the approval of counsel for the Company with respect
    to such compliance.</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; color: rgb(0,112,73)">(b)</TD>
    <TD STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif"><U>Investment Representations</U>. As a condition
    to the exercise or receipt of an Award, the Company may require the person exercising or receiving such Award to represent
    and warrant at the time of any such exercise or receipt that the Shares are being purchased only for investment and without
    any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation
    is required.</TD></TR>
</TABLE>
<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 48.95pt">&nbsp;</P>
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    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 5%; color: rgb(0,112,73)"><B>20.</B></TD>
    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 95%"><B>Severability</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding any
contrary provision of the Plan or an Award to the contrary, if any one or more of the provisions (or any part thereof) of this
Plan or the Awards shall be held invalid, illegal or unenforceable in any respect, such provision shall be modified so as to make
it valid, legal and enforceable in a manner to the greatest extent possible to conform with the original intent of such provision,
and the validity, legality and enforceability of the remaining provisions (or any part thereof) of the Plan or Award, as applicable,
shall not in any way be affected or impaired thereby.</P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 48.95pt">&nbsp;</P>

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    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 5%; color: rgb(0,112,73)"><B>21.</B></TD>
    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 95%"><B>Inability to Obtain Authority</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The inability of
the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company&rsquo;s
counsel to be necessary to the lawful issuance and sale of any Shares hereunder, will relieve the Company of any liability in
respect of the failure to issue or sell such Shares as to which such requisite authority will not have been obtained.</P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 48.95pt">&nbsp;</P>

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    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 5%; color: rgb(0,112,73)"><B>22.</B></TD>
    <TD STYLE="border-bottom: rgb(0,112,73) 2px solid; font: 16pt Times New Roman, Times, Serif; width: 95%"><B>Stockholder Approval</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Plan will be
subject to approval by the stockholders of the Company within twelve months after the date the Plan is adopted. Such stockholder
approval will be obtained in the manner and to the degree required under Applicable Laws.</P>

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

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    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; width: 96%"><B>FUELCELL ENERGY, INC.</B> - <I>Notice of Annual Meeting of Shareholders</I></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; width: 4%"><B>47</B></TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 99%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 50%"><B>VOTE BY INTERNET - www.proxyvote.com</B><BR>
    Use the Internet to transmit your voting instructions and for electronic delivery of information up until 11:59 P.M. Eastern
    Time the day before the cut-off date or meeting date. Have your proxy card in hand when you access the web site and follow
    the instructions to obtain your records and to create an electronic voting instruction form.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B><I>FUELCELL ENERGY, INC.</I></B><BR>
    <B><I>3 GREAT PASTURE ROAD</I></B><BR>
    <B><I>PO BOX 1305</I></B><BR>
    <B><I>DANBURY, CT 06813-1305</I></B><BR>
    <B><I>ATTN: CORPORATE SECRETARY</I></B></TD>
    <TD><B>ELECTRONIC DELIVERY OF FUTURE PROXY MATERIALS</B><BR>
    If you would like to reduce the costs incurred by our company in mailing proxy materials, you can consent to receiving all
    future proxy statements, proxy cards and annual reports electronically via e-mail or the Internet. To sign up for electronic
    delivery, please follow the instructions above to vote using the Internet and, when prompted, indicate that you agree to receive
    or access proxy materials electronically in future years.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><B>VOTE BY PHONE - 1-800-690-6903</B><BR>
    Use any touch-tone telephone to transmit your voting instructions up until 11:59 P.M. Eastern Time the day before the cut-off
    date or meeting date. Have your proxy card in hand when you call and then follow the instructions.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><B>VOTE BY MAIL</B><BR>
    Mark, sign and date your proxy card and return it in the postage-paid envelope we have provided or return it to Vote Processing,
    c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717.</TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 100pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 99%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 44%; border-bottom: Black 1px dashed; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="width: 54%; border-bottom: Black 1px dashed; text-align: right">KEEP THIS PORTION FOR YOUR RECORDS</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD STYLE="text-align: right">DETACH AND RETURN THIS PORTION ONLY</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><B>THIS&nbsp; PROXY&nbsp; CARD&nbsp; IS&nbsp; VALID &nbsp;ONLY &nbsp;WHEN&nbsp; SIGNED&nbsp; AND &nbsp;DATED.</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<DIV STYLE="float: left;width: 1%; margin-top: 0pt">

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 150pt 0 0pt; text-align: right"><IMG SRC="x1_proxyx1x1.jpg" ALT="" STYLE="width: 13px; height: 392px">&nbsp;</P>


</DIV>
<DIV STYLE="padding: 3pt 10pt; border: Silver 3px solid; width: 94%; float: right; ">


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<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-bottom: 6pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; padding-bottom: 6pt; padding-top: 3pt"><B>For</B><BR>
    <B>All</B></TD>
    <TD STYLE="padding-bottom: 6pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; padding-bottom: 6pt; padding-top: 3pt"><B>Withhold</B><BR>
    <B>All</B></TD>
    <TD STYLE="padding-bottom: 6pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; padding-bottom: 6pt; padding-top: 3pt"><B>For All</B><BR>
    <B>Except</B></TD>
    <TD STYLE="padding-bottom: 6pt; padding-top: 3pt">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: top; text-align: justify; padding-bottom: 6pt; padding-top: 3pt">To withhold authority to vote for any individual
    nominee(s), mark &ldquo;For All Except&rdquo; and write the number(s) of the nominee(s) on the line below.</TD>
    <TD STYLE="padding-bottom: 6pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; padding-top: 3pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><B>The Board of Directors recommends you vote<BR>
FOR the following:</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-top: Black 3px solid; border-right: Black 3px solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><IMG SRC="x1_proxyx1x3.jpg" ALT=""></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><IMG SRC="x1_proxyx1x3.jpg" ALT=""><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><IMG SRC="x1_proxyx1x3.jpg" ALT=""></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 3px solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 3%"><B>1. </B></TD>
    <TD STYLE="vertical-align: bottom; width: 37%">Election of Directors</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 3%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 6%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 1px; border-top: Black 1px solid; text-align: justify; width: 25%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><B>Nominees</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 4%">01</TD>
    <TD STYLE="width: 17%">Arthur A. Bottone</TD>
    <TD STYLE="width: 5%">02</TD>
    <TD STYLE="width: 17%">Richard A. Bromley</TD>
    <TD STYLE="width: 4%">03</TD>
    <TD STYLE="width: 15%">J H England</TD>
    <TD STYLE="width: 4%">04</TD>
    <TD STYLE="width: 15%">James D. Gerson</TD>
    <TD STYLE="width: 4%">05</TD>
    <TD STYLE="width: 15%">William A. Lawson</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="font-size: 8pt">06</TD>
    <TD STYLE="font-size: 8pt">John A. Rolls</TD>
    <TD STYLE="font-size: 8pt">07</TD>
    <TD STYLE="font-size: 8pt">Togo Dennis West, Jr</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="text-align: left; vertical-align: top"><B>The Board of Directors recommends you vote FOR proposals 2., 3., 4. and 5.</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><B>For</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><B>Against</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><B>Abstain</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top"><B>2.</B></TD>
    <TD STYLE="text-align: left; vertical-align: top"><B>&nbsp;</B></TD>
    <TD COLSPAN="4" STYLE="text-align: left; vertical-align: top">To ratify the selection of the independent registered public accounting firm for fiscal 2014;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><IMG SRC="x1_proxyx1x3.jpg" ALT=""></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><IMG SRC="x1_proxyx1x3.jpg" ALT=""></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><IMG SRC="x1_proxyx1x3.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top"><B>3.</B></TD>
    <TD STYLE="text-align: left; vertical-align: top"><B>&nbsp;</B></TD>
    <TD COLSPAN="4" STYLE="text-align: left; vertical-align: top">To amend the FuelCell Energy, Inc. Amended and Restated Section 2010 Equity Incentive Plan;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><IMG SRC="x1_proxyx1x3.jpg" ALT=""></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><IMG SRC="x1_proxyx1x3.jpg" ALT=""></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><IMG SRC="x1_proxyx1x3.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top"><B>4.</B></TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: left; vertical-align: top">To amend the FuelCell Energy, Inc. Articles of Incorporation
    increasing its authorized common stock from 275,000,000 to 400,000,000 shares;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><IMG SRC="x1_proxyx1x3.jpg" ALT=""></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><IMG SRC="x1_proxyx1x3.jpg" ALT=""></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><IMG SRC="x1_proxyx1x3.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="text-align: left; vertical-align: top"></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top"><B>5.</B></TD>
    <TD STYLE="text-align: left; vertical-align: top"><B>&nbsp;</B></TD>
    <TD COLSPAN="4" STYLE="text-align: left; vertical-align: top">To vote, on an advisory basis, on the compensation of the
    Company&rsquo;s Named Executive Officers as set forth in the Executive Compensation section of this Proxy Statement; and</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><IMG SRC="x1_proxyx1x3.jpg" ALT=""></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><IMG SRC="x1_proxyx1x3.jpg" ALT=""></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><IMG SRC="x1_proxyx1x3.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: center; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="font-size: 12pt; text-align: left; vertical-align: top"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>NOTE: </B>To transact such other business as may properly come before the meeting or any adjournment thereof.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: center; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="font-size: 12pt; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: center; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="font-size: 12pt; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: center; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="font-size: 12pt; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: center; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="font-size: 12pt; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: center; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: left; vertical-align: top; width: 2%">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left; vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; width: 40%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top; width: 5%"><B>Yes</B></TD>
    <TD STYLE="text-align: center; vertical-align: top; width: 5%"><B>No</B></TD>
    <TD STYLE="text-align: left; vertical-align: top; width: 29%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: center; vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: center; vertical-align: bottom; width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: center; vertical-align: bottom; width: 5%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt">Please indicate if you plan to attend this meeting</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: center; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="x1_proxyx1x3.jpg" ALT=""></FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: center; vertical-align: top"><IMG SRC="x1_proxyx1x3.jpg" ALT=""></TD>
    <TD STYLE="font-size: 12pt; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: center; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: center; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: center; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="12" STYLE="font-size: 12pt; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt">Please sign exactly
    as your name(s) appear(s) hereon. When signing as attorney, executor, administrator, or other fiduciary, please give full
    title as such. Joint owners should each sign personally. All holders must sign. If a corporation or partnership, please sign
    in full corporate or partnership name by authorized officer.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: center; vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; border-collapse: collapse; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%; border-top: Black 1px solid; border-right: Black 1px solid; border-bottom: Black 2px solid; border-left: Black 1px solid"><FONT STYLE="font-size: 15pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; border-top: Black 1px solid; border-right: Black 1px solid; border-bottom: Black 2px solid; border-left: Black 1px solid"><FONT STYLE="font-size: 15pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 15pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%; border-top: Black 1px solid; border-right: Black 1px solid; border-bottom: Black 2px solid; border-left: Black 1px solid"><FONT STYLE="font-size: 15pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; border-top: Black 1px solid; border-right: Black 1px solid; border-bottom: Black 2px solid; border-left: Black 1px solid"><FONT STYLE="font-size: 15pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 14%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD STYLE="font-size: 7pt">Signature [PLEASE SIGN WITHIN BOX]</TD>
    <TD STYLE="font-size: 7pt">Date</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt">Signature (Joint Owners)</TD>
    <TD STYLE="font-size: 7pt">Date</TD>
    <TD STYLE="font-size: 7pt">&nbsp;</TD></TR>
</TABLE>
</DIV>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><BR CLEAR="ALL"></P>



<!-- Field: Page; Sequence: 58 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 8pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#toc" STYLE="font-weight: bold">Back to Contents</A></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 3%"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 140pt"><B>Holders of record
who wish to attend the<BR>
Annual Meeting should indicate that you<BR>
plan to attend the meeting when submitting<BR>
your proxy by checking the box (Yes) in the<BR>
bottom left corner of your Proxy Card.</B></P>

<P STYLE="font: 170pt/normal Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>





<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 3%">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 2%"><B>Important Notice Regarding the Availability of Proxy Materials
for the Annual Meeting: </B>The Annual Report, Notice &amp; Proxy Statement is/ are available at <U>www.proxyvote.com</U>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 2%; border-bottom: Black 1px dashed">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
<DIV STYLE="float: left; width: 1%; margin-top: 170pt">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;<IMG SRC="x1_proxyx1x2.jpg" ALT=""></P>

</DIV>

<DIV STYLE="padding-top: 5pt; padding-bottom: 10pt; padding-left: 20pt; border: Black 3px solid; float: right; width: 94%">



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>PROXY FOR THE MARCH 27, 2014 ANNUAL MEETING OF <BR>
SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 20pt 0pt 10pt">The undersigned hereby appoints Arthur A. Bottone and Michael
S. Bishop, and each of them, attorneys with full power of substitution, to vote as directed below all shares of Common Stock of
FuelCell Energy, Inc. registered in the name of the undersigned, or which the undersigned may be entitled to vote, at the Annual
Meeting of Shareholders to be held at the Hartford Marriott Downtown, 200 Columbus Boulevard, Hartford, Connecticut, on Thursday,
March 27, 2014, at 10:00 a.m. Eastern Standard Time and at any adjournment or postponement thereof.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 20pt 0pt 10pt">This proxy, when properly executed will be voted as directed,
or if no direction is given, will be voted &ldquo;FOR&rdquo; all Proposals and in the discretion of the proxyholders on any other
matter that properly comes before the meeting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 10pt">This proxy may be used for holders as of February 3, 2014.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 80pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Continued and to be signed on reverse side</B></P>
</DIV>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><BR CLEAR="ALL"></P>
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    <!-- Field: /Page -->



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