<SEC-DOCUMENT>0001552781-16-002034.txt : 20161102
<SEC-HEADER>0001552781-16-002034.hdr.sgml : 20161102
<ACCEPTANCE-DATETIME>20161102161651
ACCESSION NUMBER:		0001552781-16-002034
CONFORMED SUBMISSION TYPE:	S-3ASR
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20161102
DATE AS OF CHANGE:		20161102
EFFECTIVENESS DATE:		20161102

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MACROGENICS INC
		CENTRAL INDEX KEY:			0001125345
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-214385
		FILM NUMBER:		161968031

	BUSINESS ADDRESS:	
		STREET 1:		9704 MEDICAL CENTER DRIVE
		CITY:			Rockville
		STATE:			MD
		ZIP:			20850
		BUSINESS PHONE:		301-251-5172

	MAIL ADDRESS:	
		STREET 1:		9704 MEDICAL CENTER DRIVE
		CITY:			ROCKVILLE
		STATE:			MD
		ZIP:			20850
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3ASR
<SEQUENCE>1
<FILENAME>e00575_mgnx-s3asr.htm
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on November 2, 2016</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Registration No. 333- &nbsp;</B></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM S-3</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>THE SECURITIES ACT OF 1933 </I>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter) &nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 49%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 49%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><B>Delaware</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><B>06-1591613</B></TD></TR>
<TR STYLE="background-color: white">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(State or other jurisdiction of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">incorporation or organization)</P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(I.R.S. Employer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Identification Number)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><BR>
<BR>
<B>9704 Medical Center Drive</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Rockville, MD 20850</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(301) 251-5172</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address, Including Zip Code, and Telephone
Number, Including Area Code, of Registrant&rsquo;s Principal Executive Offices) &nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Scott Koenig, M.D., Ph.D.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>President and Chief Executive Officer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>9704 Medical Center Drive</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Rockville, MD 20850</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(301) 251-5172</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name, Address, Including Zip Code, and Telephone
Number, Including Area Code, of Agent for Service) &nbsp;</P>

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Atul Saran</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Senior Vice President and General Counsel</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>9704 Medical Center Drive</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Rockville, MD 20850</B><BR>
        <B>(301) 251-5172</B></P></TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Eric W. Blanchard</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Keir D. Gumbs</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Covington &amp; Burling LLP</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>620 Eighth Avenue</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>New York, NY 10018</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(212) 841-1000</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 12.75pt">Approximate date of commencement of
proposed sale to the public: From time to time after this registration statement becomes effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 12.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 12.75pt">If the only securities being registered
on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 12.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 12.75pt">If any of the securities being registered
on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than
securities offered only in connection with dividend or interest reinvestment plans, check the following box. <FONT STYLE="font-family: Wingdings; font-size: 8pt">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 12.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 12.75pt">If this Form is filed to register additional
securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering. &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 12.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 12.75pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 12.75pt">If this Form is a post-effective amendment
filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering.&nbsp;&#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 12.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 12.75pt">If this Form is a registration statement
pursuant to General Instruction I.D or a post-effective amendment thereto that shall become effective upon filing with the Commission
pursuant to Rule 462(e) under the Securities Act, check the following box. <FONT STYLE="font-family: Wingdings; font-size: 8pt">x</FONT>&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 12.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 12.75pt">If this Form is a post-effective amendment
to a registration statement filed pursuant to General Instruction I.D filed to register additional securities or additional classes
of securities pursuant to Rule 413(b) under the Securities Act, check the following box. &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 12.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 12.75pt">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions
of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2 of
the Exchange Act. (Check one):</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD NOWRAP>Large accelerated filer <FONT STYLE="font-family: Wingdings; font-size: 8pt">x</FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Accelerated filer</TD>
    <TD>&#9744;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 23%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD>Non-accelerated filer &#9744;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; vertical-align: middle">&nbsp;&nbsp;(Do not check if a smaller reporting company)</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>Smaller reporting company&nbsp;&nbsp;</TD>
    <TD>&#9744;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 44%; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 14%; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: center"><B>Title of Each Class of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Securities to be Registered (1)</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: center"><B>Amount</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>to Be</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Registered (2)(3)</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: center"><B>Proposed</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Maximum</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Offering Price</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Per Unit (2)(3)</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: center"><B>Proposed</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Maximum</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Aggregate</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Offering Price (2)(3)</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: center"><B>Amount of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Registration Fee (4)</B></P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 9pt; text-indent: -9pt">Common Stock, par value $0.01 per share</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center">&mdash;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center">&mdash;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center">&mdash;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center">&mdash;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 9pt; text-indent: -9pt">Preferred Stock</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center">&mdash;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center">&mdash;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center">&mdash;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center">&mdash;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 9pt; text-indent: -9pt">Units</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center">&mdash;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center">&mdash;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center">&mdash;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center">&mdash;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 9pt; text-indent: -9pt">Warrants</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center">&mdash;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center">&mdash;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center">&mdash;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center">&mdash;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 9pt; text-indent: -9pt">Debt Securities&nbsp; </TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center">&mdash;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center">&mdash;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center">&mdash;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center">&mdash;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 9pt">(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 9pt">Any securities registered hereunder may be sold separately or as units with other securities registered hereunder.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 4%; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 9pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 75%; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 9pt">Omitted pursuant to Form S-3 General Instruction II.E.</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 21%; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 9pt">(3)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 9pt">An indeterminate aggregate initial offering price or number of securities of each identified class is being registered as may from time to time be issued at indeterminate prices, including securities that may be issued upon exercise, conversion or exchange of, or pursuant to anti-dilution adjustments with respect to any securities that provide for that issuance or adjustment. Separate consideration may or may not be received for securities that are issuable on exercise, conversion or exchange of other securities.</FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 9pt">(4)</FONT></TD>
    <TD STYLE="width: 96%; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 9pt">In accordance with Rules 456(b) and 457(r) under the Securities Act of 1933, as amended, the registrant is deferring payment of the entire registration fee. In connection with the securities offered hereby, the registrant will pay &ldquo;pay-as-you-go registration fees&rdquo; in accordance with Rule&nbsp;456(b) under the Securities Act of 1933, as amended.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="image_001.jpg" ALT="LOGO" STYLE="height: 105px; width: 189px"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><B>MACROGENICS, INC.</B></P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.3pt">We may from time to time offer to sell
common stock, preferred stock, units, warrants or debt securities. Each time we sell securities pursuant to this prospectus, we
will provide a supplement to this prospectus that contains specific information about the offering and the specific terms of the
securities offered. The prospectus supplement may also add to, update or change information contained in this prospectus. In addition,
we may supplement, update or change any of the information contained in this prospectus by incorporating information by reference
in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">In addition, selling securityholders
to be named in a prospectus supplement may offer our securities from time to time. To the extent that any selling securityholder
resells any securities, the selling securityholder may be required to provide you with this prospectus and a prospectus supplement
identifying and containing specific information about the selling securityholder and the terms of the securities being offered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">You should read this prospectus, the
supplements to this prospectus and any incorporated documents carefully before you invest in any of our securities. This prospectus
is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state or other jurisdiction
where the offer or sale is not permitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">We may offer and sell securities to
or through one or more underwriters, dealers and agents, or directly to purchasers. The names and compensation of any underwriters
or agents involved in the sale of securities will be described in a supplement to this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">Our common stock is listed on The NASDAQ
Global Select Market under the symbol MGNX. If we decide to seek a listing of any securities offered by this prospectus, the applicable
prospectus supplement will disclose the exchange or market on which such securities will be listed, if any, or where we have made
an application for listing, if any.</P>

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

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.3pt"><B>Investing in these securities involves
certain risks. You should carefully consider the risk factors incorporated in this prospectus by reference and described under
the heading &ldquo;Risk Factors&rdquo; beginning on page 2.</B></P>

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

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.3pt"><B>Neither the Securities and Exchange
Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy
of this prospectus. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><B>The date of this prospectus is November
2, 2016</B></P>

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

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

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



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><A HREF="#a_001">ABOUT THIS PROSPECTUS</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 5pt">iii</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><A HREF="#a_002">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">iv</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><A HREF="#a_003">INCORPORATION BY REFERENCE</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">iv</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><A HREF="#a_004">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">v</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><A HREF="#a_005">MACROGENICS, INC.</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><A HREF="#a_006">RISK FACTORS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><A HREF="#a_007">CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><A HREF="#a_008">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><A HREF="#a_009">DESCRIPTION OF DEBT SECURITIES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">3</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><A HREF="#a_010">DESCRIPTION OF CAPITAL STOCK</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><A HREF="#a_011">DESCRIPTION OF UNITS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">17</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><A HREF="#a_012">DESCRIPTION OF WARRANTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">18</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><A HREF="#a_013">FORMS OF SECURITIES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">19</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><A HREF="#a_014">SELLING SECURITYHOLDERS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">21</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><A HREF="#a_015">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">22</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><A HREF="#a_016">LEGAL MATTERS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">24</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><A HREF="#a_017">EXPERTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">24</TD></TR>
</TABLE>

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

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

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><A NAME="a_001"></A>ABOUT THIS PROSPECTUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">This prospectus is part of a registration
statement that we filed with the Securities and Exchange Commission, which we refer to as the &ldquo;SEC&rdquo; or the &ldquo;Commission&rdquo;,
utilizing a &ldquo;shelf&rdquo; registration process. Under this shelf registration process, we may, from time to time, sell any
combination of the securities described in this prospectus and selling securityholders may, from time to time, offer such securities
owned by them. You should carefully read this prospectus and any accompanying prospectus supplement together with the additional
information described under the heading &ldquo;Where You Can Find More Information.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">This prospectus provides you with a
general description of the securities we may offer. Each time we sell securities pursuant to this prospectus, we will provide one
or more prospectus supplements that will contain specific information about the terms of the offering. The prospectus supplement
may also add, update or change information contained in this prospectus. You should read both this prospectus and the accompanying
prospectus supplement together with the additional information described under the heading &ldquo;Where You Can Find More Information&rdquo;
in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">You should rely only on the information
contained in or incorporated by reference in this prospectus, any accompanying prospectus supplement or in any related free writing
prospectus filed by us with the SEC. We have not authorized anyone to provide you with different information. This prospectus and
any accompanying prospectus supplement do not constitute an offer to sell or the solicitation of an offer to buy any securities
other than the securities described in this prospectus or such accompanying prospectus supplement or an offer to sell or the solicitation
of an offer to buy such securities in any circumstances in which such offer or solicitation is unlawful. You should assume that
the information appearing in this prospectus, any prospectus supplement, the documents incorporated by reference and any related
free writing prospectus is accurate only as of their respective dates. Our business, financial condition, results of operations
and prospects may have changed materially since those dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">Unless the context otherwise indicates,
references in this prospectus to &ldquo;we,&rdquo; &ldquo;our&rdquo; and &ldquo;us&rdquo; refer, collectively, to MacroGenics, Inc.,
a Delaware corporation, and its consolidated subsidiaries.</P>

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


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

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><A NAME="a_002"></A>WHERE YOU CAN FIND MORE INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">We file annual, quarterly and current
reports, proxy statements and other information with the SEC. Our SEC filings are available to the public over the Internet at
the SEC&rsquo;s website at http://www.sec.gov. Copies of certain information filed by us with the SEC are also available on our website
at http://www.macrogenics.com. Our website is not a part of this prospectus and is not incorporated by reference in this prospectus.
You may also read and copy any document we file at the SEC&rsquo;s Public Reference Room, 100 F Street, N.E., Washington, D.C. 20549.
Please call the SEC at 1-800-SEC-0330 for further information on the operation of the Public Reference Room.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.3pt">This prospectus is part of a registration
statement we filed with the SEC. This prospectus omits some information contained in the registration statement in accordance with
SEC rules and regulations. You should review the information and exhibits in the registration statement for further information
about us and our consolidated subsidiary and the securities we are offering. Statements in this prospectus concerning any document
we filed as an exhibit to the registration statement or that we otherwise filed with the SEC are not intended to be comprehensive
and are qualified by reference to these filings. You should review the complete document to evaluate these statements.</P>

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


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><A NAME="a_003"></A>INCORPORATION BY REFERENCE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">The SEC allows us to incorporate by
reference much of the information we file with the SEC, which means that we can disclose important information to you by referring
you to those publicly available documents. The information that we incorporate by reference in this prospectus is considered to
be part of this prospectus. Because we are incorporating by reference future filings with the SEC, this prospectus is continually
updated and those future filings may modify or supersede some of the information included or incorporated in this prospectus. This
means that you must look at all of the SEC filings that we incorporate by reference to determine if any of the statements in this
prospectus or in any document previously incorporated by reference have been modified or superseded. This prospectus incorporates
by reference the documents listed below (File No. 001-36112) and any future filings we make with the SEC under Sections 13(a),
13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended, or the Exchange Act (in each case, other than those documents
or the portions of those documents not deemed to be filed) between the date of this registration statement and the date all of
the securities offered by this prospectus are sold or the offering is otherwise terminated:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; width: 5%; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="width: 95%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Annual Report on Form 10-K for the fiscal year ended December 31,
        2015, including the information specifically incorporated by reference into the Annual Report on Form 10-K from our definitive
        proxy statement for the 2016 Annual Meeting of Stockholders;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Quarterly Reports on Form 10-Q for the fiscal quarters ended March
        31, 2016, June 30, 2016 and September 30, 2016, respectively;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD>Current Reports on Form 8-K filed on March 1, 2016, March 10, 2016, May 20, 2016, September 12, 2016 and September 20, 2016, respectively; and</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD>The description of our common stock contained in our Registration Statement on Form 8-A filed on October 7, 2013, including any amendments or reports filed for the purpose of updating such description.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">You may request a copy of these filings,
at no cost, by writing or telephoning us at the following address or telephone number:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><BR>
9704 Medical Center Drive</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Rockville, MD 20850</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(301) 251-5172</P>


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

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><A NAME="a_004"></A>SPECIAL NOTE REGARDING FORWARD-LOOKING
STATEMENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">This prospectus and the information
incorporated by reference in this prospectus include &ldquo;forward-looking statements&rdquo; within the meaning of Section 27A of
the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Exchange Act. Forward-looking statements
include statements that may relate to our plans, objectives, goals, strategies, future events, future revenues or performance,
capital expenditures, financing needs and other information that is not historical information. Forward-looking statements can
often be identified by the use of terminology such as &ldquo;subject to&rdquo;, &ldquo;believe&rdquo;, &ldquo;anticipate&rdquo;, &ldquo;plan&rdquo;,
&ldquo;expect&rdquo;, &ldquo;intend&rdquo;, &ldquo;estimate&rdquo;, &ldquo;project&rdquo;, &ldquo;may&rdquo;, &ldquo;will&rdquo;, &ldquo;should&rdquo;,
&ldquo;would&rdquo;, &ldquo;could&rdquo;, &ldquo;can&rdquo;, the negatives thereof, variations thereon and similar expressions, or by
discussions of strategy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">All forward-looking statements are
based upon our current expectations and various assumptions. We believe there is a reasonable basis for our expectations and beliefs,
but they are inherently uncertain. We may not realize our expectations, and our beliefs may not prove correct. Actual results could
differ materially from those described or implied by such forward-looking statements. The following uncertainties and factors,
among others, could affect future performance and cause actual results to differ materially from those matters expressed in or
implied by forward-looking statements:<BR>
<BR>
</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; width: 5%; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="width: 95%; padding-bottom: 12pt">our plans to develop and commercialize our product candidates;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">our ongoing and planned clinical trials;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">the timing of and our ability to obtain and maintain regulatory approvals for our product candidates;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">our estimates regarding expenses, future revenue, capital requirements and needs for additional financing;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">our ability to enter into new collaborations or to identify additional products or product candidates with significant commercial potential that are consistent with our strategic objectives;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">the rate and degree of market acceptance and clinical utility of our products;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">our commercialization, marketing and manufacturing capabilities and strategy;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">significant competition in our industry;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">costs of litigation and the failure to successfully defend lawsuits and other claims against us;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">economic, political and other risks associated with our international operations;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">our ability to receive research funding and achieve anticipated milestones under our collaborations;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">our ability to protect and enforce patents and other intellectual property;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">costs of compliance and our potential failure to comply with new and existing governmental regulations including, but not limited to, tax regulations;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">loss or retirement of key members of management; and</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">failure to successfully execute our growth strategy, including any delays in our planned future growth.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">The factors, risks and uncertainties
referred to above and others are more fully described under the heading &ldquo;Risk Factors&rdquo; in our Annual Report on Form 10-K
for the fiscal year ended December 31, 2015, as updated from time to time in our subsequent Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K. Forward-looking statements should be regarded solely as our current plans, estimates and beliefs.
You should not place undue reliance on forward-looking statements. The forward-looking statements contained herein represent our
judgment as of the date of this report. We are not under any obligation, and we expressly disclaim any obligation, to update or
alter any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent
required by law.</P>

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

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><A NAME="a_005"></A>MACROGENICS, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">We are a clinical-stage biopharmaceutical
company focused on discovering and developing innovative monoclonal antibody-based therapeutics for the treatment of cancer, as
well as autoimmune disorders and infectious diseases. We generate our pipeline of product candidates primarily from our proprietary
suite of next-generation antibody-based technology platforms. The combination of our technology platforms and protein engineering
expertise has allowed us to generate promising product candidates and enter into several strategic collaborations with global pharmaceutical
and biotechnology companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">Our principal executive offices are
located at 9704 Medical Center Drive, Rockville, MD 20850, and our telephone number is (301) 251-5172.</P>


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

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><A NAME="a_006"></A>RISK FACTORS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">You should consider carefully the information
under the headings &ldquo;Risk Factors&rdquo; in our Annual Report on Form 10-K for our most recent fiscal year, in any applicable
prospectus supplement and any risk factors set forth in our other filings with the SEC, pursuant to Sections 13(a), 13(c), 14 or
15(d) of the Exchange Act, including our quarterly reports on Form 10-Q and our current reports on Form 8-K, before making an investment
decision. Each of the risks described in these documents could materially and adversely affect our business, financial condition,
results of operations and prospects, and could result in a partial or complete loss of your investment. See &ldquo;Where You Can
Find More Information.&rdquo;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><A NAME="a_007"></A>CONSOLIDATED RATIO OF EARNINGS TO
FIXED CHARGES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Our consolidated ratio of earnings to
fixed charges for each of the five most recently completed fiscal years and any required interim periods will each be specified
in a prospectus supplement or in a document that we file with the SEC and incorporate by reference pertaining to the issuance,
if any, by us of debt securities in the future.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><A NAME="a_008"></A>USE OF PROCEEDS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">We intend to use the net proceeds from
the sale of any securities offered under this prospectus for general corporate purposes unless otherwise indicated in the applicable
prospectus supplement. General corporate purposes may include the acquisition of companies or businesses, advancing our pipeline,
developing facilities, repayment and refinancing of debt, if any, working capital and capital expenditures. We have not determined
the amount of net proceeds to be used specifically for such purposes. As a result, management will retain broad discretion over
the allocation of net proceeds.</P>


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

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><A NAME="a_009"></A>DESCRIPTION OF DEBT SECURITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">We may offer debt securities which
may be senior or subordinated. We refer to the senior debt securities and the subordinated debt securities collectively as debt
securities. The following description summarizes the general terms and provisions of the debt securities. We will describe the
specific terms of the debt securities and the extent, if any, to which the general provisions summarized below apply to any series
of debt securities in the prospectus supplement relating to the series and any applicable free writing prospectus that we authorize
to be delivered. When we refer to &ldquo;the Company,&rdquo; &ldquo;we,&rdquo; &ldquo;our,&rdquo; and &ldquo;us&rdquo; in this section,
we mean MacroGenics, Inc. excluding, unless the context otherwise requires or as otherwise expressly stated, our subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">We may issue senior debt securities
from time to time, in one or more series under a senior indenture to be entered into between us and a senior trustee to be named
in a prospectus supplement, which we refer to as the senior trustee. We may issue subordinated debt securities from time to time,
in one or more series under a subordinated indenture to be entered into between us and a subordinated trustee to be named in a
prospectus supplement, which we refer to as the subordinated trustee. The forms of senior indenture and subordinated indenture
are filed as exhibits to the registration statement of which this prospectus forms a part. Together, the senior indenture and the
subordinated indenture are referred to as the indentures and, together, the senior trustee and the subordinated trustee are referred
to as the trustees. This prospectus briefly outlines some of the provisions of the indentures. The following summary of the material
provisions of the indentures is qualified in its entirety by the provisions of the indentures, including definitions of certain
terms used in the indentures. Wherever we refer to particular sections or defined terms of the indentures, those sections or defined
terms are incorporated by reference in this prospectus or the applicable prospectus supplement. You should review the indentures
that are filed as exhibits to the registration statement of which this prospectus forms a part for additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">None of the indentures will limit the
amount of debt securities that we may issue. The applicable indenture will provide that debt securities may be issued up to an
aggregate principal amount authorized from time to time by us and may be payable in any currency or currency unit designated by
us or in amounts determined by reference to an index.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 17.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 17.25pt">The senior debt securities will constitute
our unsecured and unsubordinated general obligations and will rank pari passu with our other unsecured and unsubordinated obligations.
The subordinated debt securities will constitute our unsecured and subordinated general obligations and will be junior in right
of payment to our senior indebtedness (including senior debt securities), as described under the heading &ldquo;-Certain Terms of
the Subordinated Debt Securities-Subordination.&rdquo; The debt securities will be structurally subordinated to all existing and
future indebtedness and other liabilities of our subsidiary unless such subsidiary expressly guarantees such debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">The debt securities will be our unsecured
obligations. Any secured debt or other secured obligations will be effectively senior to the debt securities to the extent of the
value of the assets securing such debt or other obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">The applicable prospectus supplement
and/or free writing prospectus will include any additional or different terms of the debt securities of any series being offered,
including the following terms:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; width: 5%; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="width: 95%; padding-bottom: 12pt">the title and type of the debt securities;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">whether the debt securities will be senior or subordinated debt securities, and, with respect to debt securities issued under the subordinated indenture the terms on which they are subordinated;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">the aggregate principal amount of the debt securities;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">the price or prices at which we will sell the debt securities;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">the maturity date or dates of the debt securities and the right, if any, to extend such date or dates;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">the rate or rates, if any, per year, at which the debt securities will bear interest, or the method of determining such rate or rates;</TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in; width: 5%"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; width: 95%">the date or dates from which such interest will accrue, the interest payment dates on which such interest will be payable or the manner of determination of such interest payment dates and the related record dates;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">the right, if any, to extend the interest payment periods and the duration of that extension;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">the manner of paying principal and interest and the place or places where principal and interest will be payable;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">provisions for a sinking fund, purchase fund or other analogous fund, if any;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">any redemption dates, prices, obligations and restrictions on the debt securities;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">the currency, currencies or currency units in which the debt securities will be denominated and the currency, currencies or currency units in which principal and interest, if any, on the debt securities may be payable;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">any conversion or exchange features of the debt securities;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">whether and upon what terms the debt securities may be defeased;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">any events of default or covenants in addition to or in lieu of those set forth in the indenture;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">whether the debt securities will be issued in definitive or global form or in definitive form only upon satisfaction of certain conditions;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">whether the debt securities will be guaranteed as to payment or performance;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">any special tax implications of the debt securities; and</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">any other material terms of the debt securities.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">When we refer to &ldquo;principal&rdquo;
in this section with reference to the debt securities, we are also referring to &ldquo;premium, if any.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">We may from time to time, without notice
to or the consent of the holders of any series of debt securities, create and issue further debt securities of any such series
ranking equally with the debt securities of such series in all respects (or in all respects other than (1) the payment of interest
accruing prior to the issue date of such further debt securities or (2) the first payment of interest following the issue date
of such further debt securities). Such further debt securities may be consolidated and form a single series with the debt securities
of such series and have the same terms as to status, redemption or otherwise as the debt securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">You may present debt securities for
exchange and you may present debt securities for transfer in the manner, at the places and subject to the restrictions set forth
in the debt securities and the applicable prospectus supplement. We will provide you those services without charge, although you
may have to pay any tax or other governmental charge payable in connection with any exchange or transfer, as set forth in the indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">Debt securities may bear interest at
a fixed rate or a floating rate. Debt securities bearing no interest or interest at a rate that at the time of issuance is below
the prevailing market rate (original issue discount securities) may be sold at a discount below their stated principal amount.
U.S. federal income tax considerations applicable to any such discounted debt securities or to certain debt securities issued at
par which are treated as having been issued at a discount for U.S. federal income tax purposes will be described in the applicable
prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.3pt">We may issue debt securities with the
principal amount payable on any principal payment date, or the amount of interest payable on any interest payment date, to be determined
by reference to one or more currency exchange rates, securities or baskets of securities, commodity prices or indices. You may
receive a payment of principal on any principal payment date, or a payment of interest on any interest payment date, that is greater
than or less than the amount of principal or interest otherwise payable on such dates, depending on the value on such dates of
the applicable currency, security or basket of securities, commodity or index. Information as to the methods for determining the
amount of principal or interest payable on any date, the currencies, securities or baskets of securities, commodities or indices
to which the amount payable on such date is linked and certain related tax considerations will be set forth in the applicable prospectus
supplement.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><B>Certain Terms of the Senior Debt Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 17.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 17.25pt"><I>Covenants. </I>Unless we indicate
otherwise in a prospectus supplement, the senior debt securities will not contain any financial or restrictive covenants, including
covenants restricting us, either directly or through any subsidiaries, from incurring, issuing, assuming or guaranteeing any indebtedness
secured by a lien on any of our property or capital stock, or restricting us from entering into sale and leaseback transactions.<I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"><I>Consolidation, Merger and Sale of
Assets. </I>Unless we indicate otherwise in a prospectus supplement, we may not consolidate with or merge into any other person,
in a transaction in which we are not the surviving corporation, or convey, transfer or lease our properties and assets substantially
as an entirety to any person, in either case, unless:<I>&nbsp;</I></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; width: 5%; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="width: 95%; padding-bottom: 12pt">the successor entity, if any, is a U.S. corporation, limited liability company, partnership or trust (subject to certain exceptions provided for in the senior indenture);</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">the successor entity assumes our obligations on the senior debt securities and under the senior indenture;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">immediately after giving effect to the transaction, no default or event of default shall have occurred and be continuing; and</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">certain other conditions are met.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"><I>No Protection in the Event of a
Change in Control. </I>Unless we indicate otherwise in a prospectus supplement with respect to a particular series of senior debt
securities, the senior debt securities will not contain any provisions that may afford holders of the senior debt securities protection
in the event we have a change in control or in the event of a highly leveraged transaction (whether or not such transaction results
in a change in control).<I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"><I>Events of Default.</I> Unless we
indicate otherwise in a prospectus supplement with respect to a particular series of senior debt securities, the following are
events of default under the senior indenture for any series of senior debt securities:<I>&nbsp;</I></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; width: 5%; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="width: 95%; padding-bottom: 12pt">failure to pay interest on any senior debt securities of such series when due and payable, if that default continues for a period of 30 days (or such other period as may be specified for such series);</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">failure to pay principal on the senior debt securities of such series when due and payable whether at maturity, upon redemption, by declaration or otherwise (and, if specified for such series, the continuance of such failure for a specified period);</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">default in the performance of or breach of any of our covenants or agreements in the senior indenture applicable to senior debt securities of such series, other than a covenant breach which is specifically dealt with elsewhere in the senior indenture, and that default or breach continues for a period of 90 days after we receive written notice from the trustee or from the holders of 25% or more in aggregate principal amount of the senior debt securities of such series;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">certain events of bankruptcy or insolvency, whether or not voluntary; and</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">any other event of default provided for in such series of senior debt securities as may be specified in the applicable prospectus supplement.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 17.25pt">The default by us under any other debt, including
any other series of debt securities, is not a default under the senior indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">If an event of default other than an
event of default specified in the fourth bullet point above occurs with respect to a series of senior debt securities and is continuing
under the senior indenture, then, and in each such case, either the trustee or the holders of not less than 25% in aggregate principal
amount of such series then outstanding under the senior indenture (each such series voting as a separate class) by written notice
to us and to the trustee, if such notice is given by the holders, may, and the trustee at the request of such holders shall, declare
the principal amount of and accrued interest on such series of senior debt securities to be immediately due and payable, and upon
this declaration, the same shall become immediately due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">If an event of default specified in
the fourth bullet point above occurs and is continuing, the entire principal amount of and accrued interest on each series of senior
debt securities then outstanding shall become immediately due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">Unless otherwise specified in the prospectus
supplement relating to a series of senior debt securities originally issued at a discount, the amount due upon acceleration shall
include only the original issue price of the senior debt securities, the amount of original issue discount accrued to the date
of acceleration and accrued interest, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">Upon certain conditions, declarations
of acceleration may be rescinded and annulled and past defaults may be waived by the holders of a majority in aggregate principal
amount of all the senior debt securities of such series affected by the default, each series voting as a separate class. Furthermore,
subject to various provisions in the senior indenture, the holders of a majority in aggregate principal amount of a series of senior
debt securities, by notice to the trustee, may waive an existing default or event of default with respect to such senior debt securities
and its consequences, except a default in the payment of principal of or interest on such senior debt securities or in respect
of a covenant or provision of the senior indenture which cannot be modified or amended without the consent of the holders of each
such senior debt security. Upon any such waiver, such default shall cease to exist, and any event of default with respect to such
senior debt securities shall be deemed to have been cured, for every purpose of the senior indenture; but no such waiver shall
extend to any subsequent or other default or event of default or impair any right consequent thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">The holders of a majority in aggregate
principal amount of a series of senior debt securities may direct the time, method and place of conducting any proceeding for any
remedy available to the trustee or exercising any trust or power conferred on the trustee with respect to such senior debt securities.
However, the trustee may refuse to follow any direction that conflicts with law or the senior indenture, that may involve the trustee
in personal liability or that the trustee determines in good faith may be unduly prejudicial to the rights of holders of such series
of senior debt securities not joining in the giving of such direction and may take any other action it deems proper that is not
inconsistent with any such direction received from holders of such series of senior debt securities. A holder may not pursue any
remedy with respect to the senior indenture or any series of senior debt securities unless:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="width: 95%; padding-bottom: 12pt">the holder gives the trustee written notice of a continuing event of default;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">the holders of at least 25% in aggregate principal amount of such series of senior debt securities make a written request to the trustee to pursue the remedy in respect of such event of default;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">the requesting holder or holders offer the trustee indemnity satisfactory to the trustee against any costs, liability or expense;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">the trustee does not comply with the request within 60 days after receipt of the request and the offer of indemnity; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">during such 60-day period, the holders of a majority in aggregate principal amount of such series of senior debt securities do not give the trustee a direction that is inconsistent with the request.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 17.25pt">These limitations, however, do not apply to
the right of any holder of a senior debt security to receive payment of the principal of and interest on such senior debt security
in accordance with the terms of such debt security, or to bring suit for the enforcement of any such payment in accordance with
the terms of such debt security, on or after the due date for the senior debt securities, which right shall not be impaired or
affected without the consent of the holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">The senior indenture requires certain
of our officers to certify, on or before a fixed date in each year in which any senior debt security is outstanding, as to their
knowledge of our compliance with all covenants, agreements and conditions under the senior indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"><I>Satisfaction and Discharge</I>.
We can satisfy and discharge our obligations to holders of any series of debt securities if:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; width: 5%; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="width: 95%; padding-bottom: 12pt">we pay or cause to be paid, as and when due and payable, the principal of and any interest on all senior debt securities of such series outstanding under the senior indenture; or</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">all senior debt securities of such series have become due and payable or will become due and payable within one year (or are to be called for redemption within one year) and we deposit in trust a combination of cash and U.S. government or U.S. government agency obligations that will generate enough cash to make interest, principal and any other payments on the debt securities of that series on their various due dates.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">Under current U.S. federal income tax
law, the deposit and our legal release from the debt securities would be treated as though we took back your debt securities and
gave you your share of the cash and debt securities or bonds deposited in trust. In that event, you could recognize gain or loss
on the debt securities you give back to us. Purchasers of the debt securities should consult their own advisers with respect to
the tax consequences to them of such deposit and discharge, including the applicability and effect of tax laws other than the U.S.
federal income tax law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"><I>Defeasance. </I>Unless the applicable
prospectus supplement provides otherwise, the following discussion of legal defeasance and discharge and covenant defeasance will
apply to any series of debt securities issued under the indentures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"><I>Legal Defeasance</I>. We can legally
release ourselves from any payment or other obligations on the debt securities of any series (called &ldquo;legal defeasance&rdquo;)
if certain conditions are met, including the following:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; width: 5%; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="width: 95%; padding-bottom: 12pt">We deposit in trust for your benefit and the benefit of all other direct holders of the debt securities of the same series a combination of cash and U.S. government or U.S. government agency obligations that will generate enough cash to make interest, principal and any other payments on the debt securities of that series on their various due dates.</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">There is a change in current U.S. federal income tax law or an IRS ruling that lets us make the above deposit without causing you to be taxed on the debt securities any differently than if we did not make the deposit and instead repaid the debt securities ourselves when due. Under current U.S. federal income tax law, the deposit and our legal release from the debt securities would be treated as though we took back your debt securities and gave you your share of the cash and debt securities or bonds deposited in trust. In that event, you could recognize gain or loss on the debt securities you give back to us.</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">We deliver to the trustee a legal opinion of our counsel confirming the tax law change or ruling described above.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">If we accomplish legal defeasance,
as described above, you would have to rely solely on the trust deposit for repayment of the debt securities. You could not look
to us for repayment in the event of any shortfall.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 17.25pt"><I>Covenant Defeasance</I>. Without any change
of current U.S. federal tax law, we can make the same type of deposit described above and be released from some of the covenants
in the debt securities (called &ldquo;covenant defeasance&rdquo;). In that event, you would lose the protection of those covenants
but would gain the protection of having money and securities set aside in trust to repay the debt securities. In order to achieve
covenant defeasance, we must do the following (among other things):<I>&nbsp;</I></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; width: 5%; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="width: 95%; padding-bottom: 12pt">We must deposit in trust for your benefit and the benefit of all other direct holders of the debt securities of the same series a combination of cash and U.S. government or U.S. government agency obligations that will generate enough cash to make interest, principal and any other payments on the debt securities of that series on their various due dates.</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">We must deliver to the trustee a legal opinion of our counsel confirming that under current U.S. federal income tax law we may make the above deposit without causing you to be taxed on the debt securities any differently than if we did not make the deposit and instead repaid the debt securities ourselves when due.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">If we accomplish covenant defeasance,
you could still look to us for repayment of the debt securities if there were a shortfall in the trust deposit. In fact, if one
of the events of default occurred (such as our bankruptcy) and the debt securities become immediately due and payable, there may
be such a shortfall. Depending on the events causing the default, you may not be able to obtain payment of the shortfall.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"><I>Modification and Waiver. </I>We
and the trustee may amend or supplement the senior indenture or the senior debt securities without the consent of any holder:<I>&nbsp;</I></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; width: 5%; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="width: 95%; padding-bottom: 12pt">to convey, transfer, assign, mortgage or pledge any assets as security for the senior debt securities of one or more series;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">to evidence the succession of a corporation, limited liability company, partnership or trust to us, and the assumption by such successor of our covenants, agreements and obligations under the senior indenture or to otherwise comply with the covenant relating to mergers, consolidations and sales of assets;</TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in; width: 5%"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; width: 95%">to comply with requirements of the SEC in order to effect or maintain the qualification of the senior indenture under the Trust Indenture Act of 1939, as amended;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">to add to our covenants such new covenants, restrictions, conditions or provisions for the protection of the holders, and to make the occurrence, or the occurrence and continuance, of a default in any such additional covenants, restrictions, conditions or provisions an event of default;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">to cure any ambiguity, defect or inconsistency in the senior indenture or in any supplemental indenture or to conform the senior indenture or the senior debt securities to the description of senior debt securities of such series set forth in this prospectus or any applicable prospectus supplement;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">to provide for or add guarantors with respect to the senior debt securities of any series;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">to establish the form or forms or terms of the senior debt securities as permitted by the senior indenture;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">to evidence and provide for the acceptance of appointment under the senior indenture by a successor trustee, or to make such changes as shall be necessary to provide for or facilitate the administration of the trusts in the senior indenture by more than one trustee;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">to add to, delete from or revise the conditions, limitations and restrictions on the authorized amount, terms, purposes of issue, authentication and delivery of any series of senior debt securities;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">to make any change to the senior debt securities of any series so long as no senior debt securities of such series are outstanding; or</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">to make any change that does not adversely affect the rights of any holder in any material respect.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 17.25pt">Other amendments and modifications of the senior
indenture or the senior debt securities issued may be made, and our compliance with any provision of the senior indenture with
respect to any series of senior debt securities may be waived, with the consent of the holders of a majority of the aggregate principal
amount of the outstanding senior debt securities of all series affected by the amendment or modification (voting together as a
single class); provided, however, that each affected holder must consent to any modification, amendment or waiver that:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; width: 5%; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="width: 95%; padding-bottom: 12pt">extends the final maturity of any senior debt securities of such series;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">reduces the principal amount of any senior debt securities of such series;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">reduces the rate or extends the time of payment of interest on any senior debt securities of such series;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">reduces the amount payable upon the redemption of any senior debt securities of such series;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">changes the currency of payment of principal of or interest on any senior debt securities of such series;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">reduces the principal amount of original issue discount securities payable upon acceleration of maturity or the amount provable in bankruptcy;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">waives an uncured default in the payment of principal of or interest on the senior debt securities (except in the case of a rescission of acceleration as described above);</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">changes the provisions relating to the waiver of past defaults or changes or impairs the right of holders to receive payment or to institute suit for the enforcement of any payment or conversion of any senior debt securities of such series on or after the due date therefor;</TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in; width: 5%"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; width: 95%">modifies any of the provisions of these restrictions on amendments and modifications, except to increase any required percentage or to provide that certain other provisions cannot be modified or waived without the consent of the holder of each senior debt security of such series affected by the modification; or</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">reduces the above-stated percentage of outstanding senior debt securities of such series whose holders must consent to a supplemental indenture or modifies or amends or waives certain provisions of or defaults under the senior indenture.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">It shall not be necessary for the holders
to approve the particular form of any proposed amendment, supplement or waiver, but it shall be sufficient if the holders&rsquo; consent
approves the substance thereof. After an amendment, supplement or waiver of the senior indenture in accordance with the provisions
described in this section becomes effective, the trustee must give to the holders affected thereby certain notice briefly describing
the amendment, supplement or waiver. Any failure by the trustee to give such notice, or any defect therein, shall not, however,
in any way impair or affect the validity of any such amendment, supplemental indenture or waiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"><I>No Personal Liability of Incorporators,
Stockholders, Officers, Directors. </I>The senior indenture provides that no recourse shall be had under any obligation, covenant
or agreement of ours in the senior indenture or any supplemental indenture, or in any of the senior debt securities or because
of the creation of any indebtedness represented thereby, against any of our incorporators, stockholders, officers or directors,
past, present or future, or of any predecessor or successor entity thereof under any law, statute or constitutional provision or
by the enforcement of any assessment or by any legal or equitable proceeding or otherwise. Each holder, by accepting the senior
debt securities, waives and releases all such liability.<I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"><I>Concerning the Trustee. </I>The
senior indenture provides that, except during the continuance of an event of default, the trustee will not be liable except for
the performance of such duties as are specifically set forth in the senior indenture. If an event of default has occurred and is
continuing, the trustee will exercise such rights and powers vested in it under the senior indenture and will use the same degree
of care and skill in its exercise as a prudent person would exercise under the circumstances in the conduct of such person&rsquo;s own
affairs.<I>&nbsp;</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 17.25pt">The senior indenture and the provisions of
the Trust Indenture Act of 1939 incorporated by reference therein contain limitations on the rights of the trustee thereunder,
should it become a creditor of ours or our subsidiary, to obtain payment of claims in certain cases or to realize on certain property
received by it in respect of any such claims, as security or otherwise. The trustee is permitted to engage in other transactions,
provided that if it acquires any conflicting interest (as defined in the Trust Indenture Act), it must eliminate such conflict
or resign.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">We may have normal banking relationships
with the senior trustee in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"><I>Unclaimed Funds. </I>All funds deposited
with the trustee or any paying agent for the payment of principal, premium, interest or additional amounts in respect of the senior
debt securities that remain unclaimed for two years after the date upon which such principal, premium or interest became due and
payable will be repaid to us. Thereafter, any right of any holder of senior debt securities to such funds shall be enforceable
only against us, and the trustee and paying agents will have no liability therefor.<I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"><I>Governing Law. </I>The senior indenture
and the senior debt securities will be governed by, and construed in accordance with, the internal laws of the State of New York.
<I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><B>Certain Terms of the Subordinated Debt Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 17.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 17.25pt">Other than the terms of the subordinated
indenture and subordinated debt securities relating to subordination or otherwise as described in the prospectus supplement relating
to a particular series of subordinated debt securities, the terms of the subordinated indenture and subordinated debt securities
are identical in all material respects to the terms of the senior indenture and senior debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">Additional or different subordination
terms may be specified in the prospectus supplement applicable to a particular series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"><I>Subordination. </I>The indebtedness
evidenced by the subordinated debt securities is subordinate to the prior payment in full of all of our senior indebtedness, as
defined in the subordinated indenture. During the continuance beyond any applicable grace period of any default in the payment
of principal, premium, interest or any other payment due on any of our senior indebtedness, we may not make any payment of principal
of or interest on the subordinated debt securities (except for certain sinking fund payments). In addition, upon any payment or
distribution of our assets upon any dissolution, winding-up, liquidation or reorganization, the payment of the principal of and
interest on the subordinated debt securities will be subordinated to the extent provided in the subordinated indenture in right
of payment to the prior payment in full of all our senior indebtedness. Because of this subordination, if we dissolve or otherwise
liquidate, holders of our subordinated debt securities may receive less, ratably, than holders of our senior indebtedness. The
subordination provisions do not prevent the occurrence of an event of default under the subordinated indenture.<I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">The term &ldquo;senior indebtedness&rdquo;
of a person means with respect to such person the principal of, premium, if any, interest on, and any other payment due pursuant
to any of the following, whether outstanding on the date of the subordinated indenture or incurred by that person in the future:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="width: 95%; padding-bottom: 12pt">all of the indebtedness of that person for money borrowed;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">all of the indebtedness of that person evidenced by notes, debentures, bonds or other securities sold by that person for money;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">all of the lease obligations that are capitalized on the books of that person in accordance with generally accepted accounting principles;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">all indebtedness of others of the kinds described in the first two bullet points above and all lease obligations of others of the kind described in the third bullet point above that the person, in any manner, assumes or guarantees or that the person in effect guarantees through an agreement to purchase, whether that agreement is contingent or otherwise; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">all renewals, extensions or refundings of indebtedness of the kinds described in the first, second or fourth bullet point above and all renewals or extensions of leases of the kinds described in the third or fourth bullet point above;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">unless, in the case of any particular indebtedness, renewal,
extension or refunding, the instrument creating or evidencing it or the assumption or guarantee relating to it expressly provides
that such indebtedness, renewal, extension or refunding is not superior in right of payment to the subordinated debt securities.
Our senior debt securities constitute senior indebtedness for purposes of the subordinated debt indenture.</P>

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

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><A NAME="a_010"></A>DESCRIPTION OF CAPITAL STOCK</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">The following description of our capital
stock is intended as a summary only and therefore is not a complete description of our capital stock. This description is based
upon, and is qualified by reference to, our restated certificate of incorporation, our by-laws and applicable provisions of Delaware
corporate law. You should read our restated certificate of incorporation and by-laws, which are filed as exhibits to the registration
statement of which this prospectus forms a part, for the provisions that are important to you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">Our authorized capital stock consists
of 125,000,000 shares of common stock, par value $0.01 per share, and 5,000,000 shares of preferred stock, par value $0.01 per
share. As of September 30, 2016, 34,813,334 shares of common stock were outstanding and no shares of preferred stock were outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 17.25pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 17.25pt"><I>Voting Rights</I>. Holders of our
common stock are entitled to one vote for each share held on all matters submitted to a vote of stockholders and do not have cumulative
voting rights. An election of directors by our stockholders shall be determined by a plurality of the votes cast by the stockholders
entitled to vote on the election. Subject to the supermajority votes for some matters, other matters shall be decided by the affirmative
vote of our stockholders having a majority in voting power of the votes cast by the stockholders present or represented and voting
on such matter. Our restated certificate of incorporation and bylaws also provide that our directors may be removed only for cause
by the affirmative vote of the holders of at least 75% of the votes that all our stockholders would be entitled to cast in any
annual election of directors. In addition, the affirmative vote of the holders of at least 75% of the votes that all of our stockholders
would be entitled to cast in any annual election of directors is required to amend or repeal or to adopt any provisions inconsistent
with any of the provisions of our restated certificate of incorporation described below under &ldquo;Provisions of Our Restated
Certificate of Incorporation and By-laws and Delaware Law That May Have Anti-Takeover Effects-Removal of Directors&rdquo; and &ldquo;-Stockholder
Action by Written Consent; Special Meetings.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"><I>Dividends</I>. Holders of common
stock are entitled to receive proportionately any dividends as may be declared by our board of directors, subject to any preferential
dividend rights of any outstanding preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"><I>Liquidation and Dissolution</I>.
In the event of our liquidation or dissolution, the holders of common stock are entitled to receive proportionately all assets
available for distribution to stockholders after the payment of all debts and other liabilities and subject to the prior rights
of any outstanding preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"><I>Other Rights. </I>Holders of common
stock have no preemptive, subscription, redemption or conversion rights. The rights, preferences and privileges of holders of common
stock are subject to and may be adversely affected by the rights of the holders of shares of any series of preferred stock that
we may designate and issue in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"><I>Transfer Agent and Registrar. </I>Computershare
Trust Company, Inc. is the transfer agent and registrar for our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"><I>Listing on The NASDAQ Global Select
Market. </I>Our common stock is listed on The NASDAQ Global Select Market under the symbol &ldquo;MGNX&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 17.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 17.25pt">We are authorized to issue &ldquo;blank
check&rdquo; preferred stock, which may be issued in one or more series upon authorization of our board of directors. Our board
of directors is authorized to fix the designation of the series, the number of authorized shares of the series, dividend rights
and terms, conversion rights, voting rights, redemption rights and terms, liquidation preferences and any other rights, powers,
preferences and limitations applicable to each series of preferred stock. The authorized shares of our preferred stock are available
for issuance without further action by our stockholders, unless such action is required by applicable law or the rules of any stock
exchange on which our securities may be listed. If the approval of our stockholders is not required for the issuance of shares
of our preferred stock, our board may determine not to seek stockholder approval. The specific terms of any series of preferred
stock offered pursuant to this prospectus will be described in the prospectus supplement relating to that series of preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">A series of our preferred stock could,
depending on the terms of such series, impede the completion of a merger, tender offer or other takeover attempt. Our board of
directors will make any determination to issue preferred shares based upon its judgment as to the best interests of our stockholders.
Our directors, in so acting, could issue preferred stock having terms that could discourage an acquisition attempt through which
an acquirer may be able to change the composition of our board of directors, including a tender offer or other transaction that
some, or a majority, of our stockholders might believe to be in their best interests or in which stockholders might receive a premium
for their stock over the then-current market price of the stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">The preferred stock has the terms described
below unless otherwise provided in the prospectus supplement relating to a particular series of preferred stock. You should read
the prospectus supplement relating to the particular series of preferred stock being offered for specific terms, including:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; width: 5%; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="width: 95%; padding-bottom: 12pt">the designation and stated value per share of the preferred stock and the number of shares offered;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">the amount of liquidation preference per share;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">the price at which the preferred stock will be issued;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">the dividend rate, or method of calculation of dividends, the dates on which dividends will be payable, whether dividends will be cumulative or noncumulative and, if cumulative, the dates from which dividends will commence to accumulate;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">any redemption or sinking fund provisions;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">if other than the currency of the United States, the currency or currencies including composite currencies in which the preferred stock is denominated and/or in which payments will or may be payable;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">any conversion provisions; and</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">any other rights, preferences, privileges, limitations and restrictions on the preferred stock.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">The preferred stock will, when issued,
be fully paid and non-assessable. Unless otherwise specified in the prospectus supplement, each series of preferred stock will
rank equally as to dividends and liquidation rights in all respects with each other series of preferred stock. The rights of holders
of shares of each series of preferred stock will be subordinate to those of our general creditors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"><I>Rank</I>. Unless otherwise specified
in the prospectus supplement, the preferred stock will, with respect to dividend rights and rights upon our liquidation, dissolution
or winding up of our affairs, rank:<I>&nbsp;</I></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; width: 5%; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="width: 95%; padding-bottom: 12pt">senior to our common stock and to all equity securities ranking junior to such preferred stock with respect to dividend rights or rights upon our liquidation, dissolution or winding up of our affairs;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">on a parity with all equity securities issued by us, the terms of which specifically provide that such equity securities rank on a parity with the preferred stock with respect to dividend rights or rights upon our liquidation, dissolution or winding up of our affairs; and</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">junior to all equity securities issued by us, the terms of which specifically provide that such equity securities rank senior to the preferred stock with respect to dividend rights or rights upon our liquidation, dissolution or winding up of our affairs.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The term &ldquo;equity securities&rdquo; does not include convertible
debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"><I>Dividends.</I> Holders of the preferred
stock of each series will be entitled to receive, when, as and if declared by our board of directors, cash dividends at such rates
and on such dates described in the prospectus supplement. Different series of preferred stock may be entitled to dividends at different
rates or based on different methods of calculation. The dividend rate may be fixed or variable or both. Dividends will be payable
to the holders of record as they appear on our stock books on record dates fixed by our board of directors, as specified in the
applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">Dividends on any series of preferred
stock may be cumulative or noncumulative, as described in the applicable prospectus supplement. If our board of directors does
not declare a dividend payable on a dividend payment date on any series of noncumulative preferred stock, then the holders of that
noncumulative preferred stock will have no right to receive a dividend for that dividend payment date, and we will have no obligation
to pay the dividend accrued for that period, whether or not dividends on that series are declared payable on any future dividend
payment dates. Dividends on any series of cumulative preferred stock will accrue from the date we initially issue shares of such
series or such other date specified in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">No dividends may be declared or paid
or funds set apart for the payment of any dividends on any parity securities unless full dividends have been paid or set apart
for payment on the preferred stock. If full dividends are not paid, the preferred stock will share dividends pro rata with the
parity securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">No dividends may be declared or paid
or funds set apart for the payment of dividends on any junior securities unless full dividends for all dividend periods terminating
on or prior to the date of the declaration or payment will have been paid or declared and a sum sufficient for the payment set
apart for payment on the preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"><I>Liquidation Preference</I>. Upon
any voluntary or involuntary liquidation, dissolution or winding up of our affairs, then, before we make any distribution or payment
to the holders of any common stock or any other class or series of our capital stock ranking junior to the preferred stock in the
distribution of assets upon any liquidation, dissolution or winding up of our affairs, the holders of each series of preferred
stock shall be entitled to receive out of assets legally available for distribution to stockholders, liquidating distributions
in the amount of the liquidation preference per share set forth in the prospectus supplement, plus any accrued and unpaid dividends
thereon. Such dividends will not include any accumulation in respect of unpaid noncumulative dividends for prior dividend periods.
Unless otherwise specified in the prospectus supplement, after payment of the full amount of their liquidating distributions, the
holders of preferred stock will have no right or claim to any of our remaining assets. Upon any such voluntary or involuntary liquidation,
dissolution or winding up, if our available assets are insufficient to pay the amount of the liquidating distributions on all outstanding
preferred stock and the corresponding amounts payable on all other classes or series of our capital stock ranking on parity with
the preferred stock and all other such classes or series of shares of capital stock ranking on parity with the preferred stock
in the distribution of assets, then the holders of the preferred stock and all other such classes or series of capital stock will
share ratably in any such distribution of assets in proportion to the full liquidating distributions to which they would otherwise
be entitled.<I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">Upon any such liquidation, dissolution
or winding up and if we have made liquidating distributions in full to all holders of preferred stock, we will distribute our remaining
assets among the holders of any other classes or series of capital stock ranking junior to the preferred stock according to their
respective rights and preferences and, in each case, according to their respective number of shares. For such purposes, our consolidation
or merger with or into any other corporation, trust or entity, or the sale, lease or conveyance of all or substantially all of
our property or assets will not be deemed to constitute a liquidation, dissolution or winding up of our affairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"><I>Redemption</I>. If so provided in
the applicable prospectus supplement, the preferred stock will be subject to mandatory redemption or redemption at our option,
as a whole or in part, in each case upon the terms, at the times and at the redemption prices set forth in such prospectus supplement.<I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">The prospectus supplement relating
to a series of preferred stock that is subject to mandatory redemption will specify the number of shares of preferred stock that
shall be redeemed by us in each year commencing after a date to be specified, at a redemption price per share to be specified,
together with an amount equal to all accrued and unpaid dividends thereon to the date of redemption. Unless the shares have a cumulative
dividend, such accrued dividends will not include any accumulation in respect of unpaid dividends for prior dividend periods. We
may pay the redemption price in cash or other property, as specified in the applicable prospectus supplement. If the redemption
price for preferred stock of any series is payable only from the net proceeds of the issuance of shares of our capital stock, the
terms of such preferred stock may provide that, if no such shares of our capital stock shall have been issued or to the extent
the net proceeds from any issuance are insufficient to pay in full the aggregate redemption price then due, such preferred stock
shall automatically and mandatorily be converted into the applicable shares of our capital stock pursuant to conversion provisions
specified in the applicable prospectus supplement. Notwithstanding the foregoing, we will not redeem any preferred stock of a series
unless:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="width: 95%; padding-bottom: 12pt">if that series of preferred stock has a cumulative dividend, we have declared and paid or contemporaneously declare and pay or set aside funds to pay full cumulative dividends on the preferred stock for all past dividend periods and the then current dividend period; or</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">if such series of preferred stock does not have a cumulative dividend, we have declared and paid or contemporaneously declare and pay or set aside funds to pay full dividends for the then current dividend period.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">In addition, we will not acquire any
preferred stock of a series unless:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="width: 95%; padding-bottom: 12pt">if that series of preferred stock has a cumulative dividend, we have declared and paid or contemporaneously declare and pay or set aside funds to pay full cumulative dividends on all outstanding shares of such series of preferred stock for all past dividend periods and the then current dividend period; or</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">if that series of preferred stock does not have a cumulative dividend, we have declared and paid or contemporaneously declare and pay or set aside funds to pay full dividends on the preferred stock of such series for the then current dividend period.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">However, at any time we may purchase
or acquire preferred stock of that series (1) pursuant to a purchase or exchange offer made on the same terms to holders of all
outstanding preferred stock of such series or (2) by conversion into or exchange for shares of our capital stock ranking junior
to the preferred stock of such series as to dividends and upon liquidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">If fewer than all of the outstanding
shares of preferred stock of any series are to be redeemed, we will determine the number of shares that may be redeemed pro rata
from the holders of record of such shares in proportion to the number of such shares held or for which redemption is requested
by such holder or by any other equitable manner that we determine. Such determination will reflect adjustments to avoid redemption
of fractional shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">Unless otherwise specified in the prospectus
supplement, we will mail notice of redemption at least 30 days but not more than 60 days before the redemption date to each holder
of record of preferred stock to be redeemed at the address shown on our stock transfer books. Each notice shall state:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="width: 95%; padding-bottom: 12pt">the redemption date; &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">the number of shares and series of preferred stock to be redeemed;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">the redemption price;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">the place or places where certificates for such preferred stock are to be surrendered for payment of the redemption price;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">that dividends on the shares to be redeemed will cease to accrue on such redemption date;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">the date on which the holder&rsquo;s conversion rights, if any, as to such shares shall terminate; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">the specific number of shares to be redeemed from each such holder if fewer than all the shares of any series are to be redeemed.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">If notice of redemption has been given
and we have set aside the funds necessary for such redemption in trust for the benefit of the holders of any shares called for
redemption, then from and after the redemption date, dividends will cease to accrue on such shares, and all rights of the holders
of such shares will terminate, except the right to receive the redemption price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"><I>Voting Rights</I>. Holders of preferred
stock will not have any voting rights, except as required by law or as indicated in the applicable prospectus supplement.<I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">Unless otherwise provided for under
the terms of any series of preferred stock, no consent or vote of the holders of shares of preferred stock or any series thereof
shall be required for any amendment to our restated certificate of incorporation that would increase the number of authorized shares
of preferred stock or the number of authorized shares of any series thereof or decrease the number of authorized shares of preferred
stock or the number of authorized shares of any series thereof (but not below the number of authorized shares of preferred stock
or such series, as the case may be, then outstanding).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"><I></I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"><I>Conversion Rights</I>. The terms
and conditions, if any, upon which any series of preferred stock is convertible into our common stock will be set forth in the
applicable prospectus supplement relating thereto. Such terms will include the number of shares of common stock into which the
shares of preferred stock are convertible, the conversion price, rate or manner of calculation thereof, the conversion period,
provisions as to whether conversion will be at our option or at the option of the holders of the preferred stock, the events requiring
an adjustment of the conversion price and provisions affecting conversion in the event of the redemption. <I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"><I>Transfer Agent and Registrar</I>.
The transfer agent and registrar for the preferred stock will be set forth in the applicable prospectus supplement.<I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><B>Provisions of Our Restated Certificate of Incorporation
and By-laws and Delaware Law That May Have Anti-Takeover Effects</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 17.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 17.25pt">Delaware law contains, and our restated
certificate of incorporation and our bylaws contain, provisions that could have the effect of delaying, deferring or discouraging
another party from acquiring control of us. These provisions, which are summarized below, are expected to discourage coercive takeover
practices and inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of us
to first negotiate with our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"><I>Removal of Directors.</I> A director
may be removed only for cause and only by the affirmative vote of the holders of at least 75% of the votes that all of our stockholders
would be entitled to cast in an annual election of directors. Any vacancy on our board of directors, including a vacancy resulting
from an enlargement of our board of directors, may be filled only by vote of a majority of our directors then in office. <I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"><I>Stockholder Action by Written Consent;
Special Meetings.</I> Our restated certificate of incorporation provides that any action required or permitted to be taken by our
stockholders must be effected at a duly called annual or special meeting of such holders and may not be effected by any consent
in writing by such holders. Our restated certificate of incorporation and bylaws also provide that, except as otherwise required
by law, special meetings of our stockholders can only be called by our chairman of the board, our chief executive officer or our
board of directors. <I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"><I>Advance Notice Requirements for
Stockholder Proposals.</I> Our bylaws have established an advance notice procedure for stockholder proposals to be brought before
an annual meeting of stockholders, including proposed<I>&nbsp;</I>nominations of persons for election to our board of directors.
Stockholders at an annual meeting will only be able to consider proposals or nominations specified in the notice of meeting or
brought before the meeting by or at the direction of our board of directors or by a stockholder of record on the record date for
the meeting who is entitled to vote at the meeting and who has delivered timely written notice in proper form to our secretary
of the stockholder&rsquo;s intention to bring such business before the meeting. These provisions could have the effect of delaying until
the next stockholder meeting stockholder actions that are favored by the holders of a majority of our outstanding voting securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"><I>Delaware Business Combination Statute.</I>
We are subject to Section 203 of the Delaware General Corporation Law. Subject to specified exceptions, Section 203 of the Delaware
General Corporation Law restricts some types of transactions and business combinations between a corporation and a 15% stockholder.
A 15% stockholder is generally considered by Section 203 to be a person owning 15% or more of the corporation&rsquo;s outstanding voting
stock. Section 203 refers to a 15% stockholder as an &ldquo;interested stockholder.&rdquo; Section 203 restricts these transactions
for a period of three years from the date the stockholder acquires 15% or more of our outstanding voting stock. With some exceptions,
unless the transaction is approved by the board of directors and the holders of at least two-thirds of the outstanding voting stock
of the corporation, Section 203 prohibits significant business transactions such as:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="width: 95%; padding-bottom: 12pt">a merger with, disposition of significant assets to or receipt of disproportionate financial benefits by the interested stockholder, and &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">any other transaction that would increase the interested stockholder&rsquo;s proportionate ownership of any class or series of our capital stock.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">The shares held by the interested stockholder
are not counted as outstanding when calculating the two-thirds of the outstanding voting stock needed for approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">The prohibition against these transactions
does not apply if:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="width: 95%; padding-bottom: 12pt">prior to the time that any stockholder became an interested stockholder, the board of directors approved either the business combination or the transaction in which such stockholder acquired 15% or more of our outstanding voting stock, or</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">the interested stockholder owns at least 85% of our outstanding voting stock as a result of a transaction in which such stockholder acquired 15% or more of our outstanding voting stock. Shares held by persons who are both directors and officers or by some types of employee stock plans are not counted as outstanding when making this calculation.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"><I>Amendment of Restated Certificate
of Incorporation and Bylaws.</I> The Delaware General Corporation Law provides generally that the affirmative vote of a majority
of the shares entitled to vote on any matter is required to amend a corporation&rsquo;s restated certificate of incorporation or bylaws,
unless a corporation&rsquo;s restated certificate of incorporation or bylaws, as the case may be, requires a greater percentage. Our
bylaws may be amended or repealed by a majority vote of our board of directors or by the affirmative vote of the holders of at
least 75% of the votes that all of our stockholders would be entitled to cast in any annual election of directors. In addition,
the affirmative vote of the holders of at least 75% of the votes that all of our stockholders would be entitled to cast in any
annual election of directors is required to amend or repeal or to adopt any provisions inconsistent with any of the provisions
of our restated certificate of incorporation described above under &ldquo;Removal of Directors&rdquo; and &ldquo;Stockholder Action
by Written Consent; Special Meetings.&rdquo; <I>&nbsp;</I></P>


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

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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><A NAME="a_011"></A>DESCRIPTION OF UNITS</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.3pt">We may issue
units comprised of one or more of the other securities that may be offered under this prospectus, in any combination. The following,
together with the additional information we may include in the applicable prospectus supplement, summarizes the material terms
and provisions of the units that we may offer under this prospectus. While the terms summarized below will apply generally to any
units we may offer, we will describe the particular terms of any series of units in more detail in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.3pt">Each unit will
be issued so that the holder of the unit is also the holder of each security included in the unit. Thus, the holder of a unit will
have the rights and obligations of a holder of each included security. The unit agreement under which a unit is issued may provide
that the securities included in the unit may not be held or transferred separately at any time, or at any time before a specified
date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.3pt">Any applicable
prospectus supplement will describe:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 17.25pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="width: 95%; padding-bottom: 12pt">any material provisions relating to the issuance, payment, settlement, transfer or exchange of the units or of the securities comprising the units; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">any material provisions of the governing unit agreement that
        differ from those described above.</P></TD></TR>
</TABLE>

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

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

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><A NAME="a_012"></A>DESCRIPTION OF WARRANTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-indent: 17.25pt">We may issue
warrants to purchase common stock, preferred stock or debt securities. We may offer warrants separately or together with one or
more additional warrants, common stock, preferred stock or debt securities, or any combination of those securities in the form
of units, as described in the applicable prospectus supplement. If we issue warrants as part of a unit, the accompanying prospectus
supplement will specify whether those warrants may be separated from the other securities in the unit prior to the expiration date
of the warrants. The applicable prospectus supplement will also describe the following terms of any warrants:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="width: 95%; padding-bottom: 12pt">the specific designation and aggregate number of, and the offering price at which we will issue, the warrants;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">the specific designation and aggregate number of, and the offering price at which we will issue, the warrants;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">the currency or currency units in which the offering price, if any, and the exercise price are payable;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">the date on which the right to exercise the warrants will begin and the date on which that right will expire or, if you may not continuously exercise the warrants throughout that period, the specific date or dates on which you may exercise the warrants;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">whether the warrants are to be sold separately or with other securities as parts of units;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">whether the warrants will be issued in definitive or global form or in any combination of these forms, although, in any case, the form of a warrant included in a unit will correspond to the form of the unit and of any security included in that unit;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">any applicable material U.S. federal income tax consequences;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">the identity of the warrant agent for the warrants and of any other depositaries, execution or paying agents, transfer agents, registrars or other agents;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">the proposed listing, if any, of the warrants or any securities purchasable upon exercise of the warrants on any securities exchange;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">the designation and terms of any equity securities purchasable upon exercise of the warrants;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">the designation, aggregate principal amount, currency and terms of any debt securities that may be purchased upon exercise of the warrants;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">if applicable, the designation and terms of the preferred stock with which the warrants are issued and the number of warrants issued with each security;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">if applicable, the date from and after which any warrants issued as part of a unit and the related debt securities, preferred stock or common stock will be separately transferable;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">the number of shares of common stock or preferred stock purchasable upon exercise of a warrant and the price at which those shares may be purchased;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">if applicable, the minimum or maximum amount of
the warrants that may be exercised at any one time;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">information with respect to book-entry procedures, if any;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">the anti-dilution provisions of, and other provisions for changes to or adjustment in the exercise price of, the warrants, if any;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">any redemption or call provisions; and</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">any additional terms of the warrants, including terms, procedures and limitations relating to the exchange or exercise of the warrants.</TD></TR>
</TABLE>

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

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

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><A NAME="a_013"></A>FORMS OF SECURITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">Each debt security, unit and warrant
will be represented either by a certificate issued in definitive form to a particular investor or by one or more global securities
representing the entire issuance of securities. Unless the applicable prospectus supplement provides otherwise, certificated securities
in definitive form and global securities will be issued in registered form. Definitive securities name you or your nominee as the
owner of the security, and in order to transfer or exchange these securities or to receive payments other than interest or other
interim payments, you or your nominee must physically deliver the securities to the trustee, registrar, paying agent or other agent,
as applicable. Global securities name a depositary or its nominee as the owner of the debt securities, units or warrants represented
by these global securities. The depositary maintains a computerized system that will reflect each investor&rsquo;s beneficial ownership
of the securities through an account maintained by the investor with its broker/dealer, bank, trust company or other representative,
as we explain more fully below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 17.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 17.25pt">We may issue the debt securities, units
and warrants in the form of one or more fully registered global securities that will be deposited with a depositary or its nominee
identified in the applicable prospectus supplement and registered in the name of that depositary or nominee. In those cases, one
or more global securities will be issued in a denomination or aggregate denominations equal to the portion of the aggregate principal
or face amount of the securities to be represented by global securities. Unless and until it is exchanged in whole for securities
in definitive registered form, a global security may not be transferred except as a whole by and among the depositary for the global
security, the nominees of the depositary or any successors of the depositary or those nominees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">If not described below, any specific
terms of the depositary arrangement with respect to any securities to be represented by a global security will be described in
the prospectus supplement relating to those securities. We anticipate that the following provisions will apply to all depositary
arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">Ownership of beneficial interests in
a global security will be limited to persons, called participants, that have accounts with the depositary or persons that may hold
interests through participants. Upon the issuance of a global security, the depositary will credit, on its book-entry registration
and transfer system, the participants&rsquo; accounts with the respective principal or face amounts of the securities beneficially owned
by the participants. Any dealers, underwriters or agents participating in the distribution of the securities will designate the
accounts to be credited. Ownership of beneficial interests in a global security will be shown on, and the transfer of ownership
interests will be effected only through, records maintained by the depositary, with respect to interests of participants, and on
the records of participants, with respect to interests of persons holding through participants. The laws of some states may require
that some purchasers of securities take physical delivery of these securities in definitive form. These laws may impair your ability
to own, transfer or pledge beneficial interests in global securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">So long as the depositary, or its nominee,
is the registered owner of a global security, that depositary or its nominee, as the case may be, will be considered the sole owner
or holder of the securities represented by the global security for all purposes under the applicable indenture or warrant agreement.
Except as described below, owners of beneficial interests in a global security will not be entitled to have the securities represented
by the global security registered in their names, will not receive or be entitled to receive physical delivery of the securities
in definitive form and will not be considered the owners or holders of the securities under the applicable indenture or warrant
agreement. Accordingly, each person owning a beneficial interest in a global security must rely on the procedures of the depositary
for that global security and, if that person is not a participant, on the procedures of the participant through which the person
owns its interest, to exercise any rights of a holder under the applicable indenture or warrant agreement. We understand that under
existing industry practices, if we request any action of holders or if an owner of a beneficial interest in a global security desires
to give or take any action that a holder is entitled to give or take under the applicable indenture or warrant agreement, the depositary
for the global security would authorize the participants holding the relevant beneficial interests to give or take that action,
and the participants would authorize beneficial owners owning through them to give or take that action or would otherwise act upon
the instructions of beneficial owners holding through them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">Principal, premium, if any, and interest
payments on debt securities, and any payments to holders with respect to warrants or units, represented by a global security registered
in the name of a depositary or its nominee will be made to the depositary or its nominee, as the case may be, as the registered
owner of the global security. None of us, or any trustee, warrant agent, unit agent or other agent of ours, or any agent of any
trustee, warrant agent or unit agent will have any responsibility or liability for any aspect of the records relating to payments
made on account of beneficial ownership interests in the global security or for maintaining, supervising or reviewing any records
relating to those beneficial ownership interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">We expect that the depositary for any
of the securities represented by a global security, upon receipt of any payment to holders of principal, premium, interest or other
distribution of underlying securities or other property on that registered global security, will immediately credit participants&rsquo;
accounts in amounts proportionate to their respective beneficial interests in that global security as shown on the records of the
depositary. We also expect that payments by participants to owners of beneficial interests in a global security held through participants
will be governed by standing customer instructions and customary practices, as is now the case with the securities held for the
accounts of customers or registered in &ldquo;street name,&rdquo; and will be the responsibility of those participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">If the depositary for any of the securities
represented by a global security is at any time unwilling or unable to continue as depositary or ceases to be a clearing agency
registered under the Exchange Act, and a successor depositary registered as a clearing agency under the Exchange Act is not appointed
by us within 90 days, we will issue securities in definitive form in exchange for the global security that had been held by the
depositary. Any securities issued in definitive form in exchange for a global security will be registered in the name or names
that the depositary gives to the relevant trustee, warrant agent, unit agent or other relevant agent of ours or theirs. It is expected
that the depositary&rsquo;s instructions will be based upon directions received by the depositary from participants with respect to ownership
of beneficial interests in the global security that had been held by the depositary.</P>

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

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><A NAME="a_014"></A>SELLING SECURITYHOLDERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">Selling securityholders are persons
or entities that, directly or indirectly, have acquired or will from time to time acquire from us, our securities in various private
transactions. Such selling securityholders may be parties to registration rights agreements with us, or we otherwise may have agreed
or will agree to register their securities for resale. The initial purchasers of our securities, as well as their transferees,
pledgees, donees or successors, all of whom we refer to as &ldquo;selling securityholders,&rdquo; may from time to time offer and
sell the securities pursuant to this prospectus and any applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">The applicable prospectus supplement
will set forth the name of each selling securityholder and the number of and type of securities beneficially owned by such selling
securityholder that are covered by such prospectus supplement. The applicable prospectus supplement also will disclose whether
any of the selling securityholders have held any position or office with, have been employed by or otherwise have had a material
relationship with us during the three years prior to the date of the prospectus supplement.</P>


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

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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><A NAME="a_015"></A>PLAN OF DISTRIBUTION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">We, or any selling securityholders,
may sell securities:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; width: 5%; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="width: 95%; padding-bottom: 12pt">through underwriters;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">through dealers;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">through agents;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">directly to purchasers; or</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">through a combination of any of these methods of sale.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">In addition, we may issue the securities
as a dividend or distribution or in a subscription rights offering to our existing security holders. This prospectus may be used
in connection with any offering of our securities through any of these methods or other methods described in the applicable prospectus
supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">We may directly solicit offers to purchase
securities, or agents may be designated to solicit such offers. We will, in the prospectus supplement relating to such offering,
name any agent that could be viewed as an underwriter under the Securities Act, and describe any commissions that we must pay.
Any such agent will be acting on a best efforts basis for the period of its appointment or, if indicated in the applicable prospectus
supplement, on a firm commitment basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">The distribution of the securities
may be effected from time to time in one or more transactions:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="width: 95%; padding-bottom: 12pt">at a fixed price, or prices, which may be changed from time to time;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">at market prices prevailing at the time of sale;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">at prices related to such prevailing market prices; or</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 6pt">at negotiated prices.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">Each prospectus supplement will describe
the method of distribution of the securities and any applicable restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">The prospectus supplement with respect
to the securities of a particular series will describe the terms of the offering of the securities, including the following:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="width: 95%; padding-bottom: 12pt">the name of the agent or any underwriters;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">the public offering or purchase price and the proceeds we will receive from the sale of the securities;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">any discounts and commissions to be allowed or re-allowed or paid to the agent or underwriters;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">all other items constituting underwriting compensation;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">any discounts and commissions to be allowed or re-allowed or paid to dealers; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">any exchanges on which the securities will be listed.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">If any underwriters or agents are utilized
in the sale of the securities in respect of which this prospectus is delivered, we will enter into an underwriting agreement or
other agreement with them at the time of sale to them, and we will set forth in the prospectus supplement relating to such offering
the names of the underwriters or agents and the terms of the related agreement with them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">If a dealer is utilized in the sale
of the securities in respect of which this prospectus is delivered, we will sell such securities to the dealer, as principal. The
dealer may then resell such securities to the public at varying prices to be determined by such dealer at the time of resale.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 17.3pt">If we offer securities in a subscription rights
offering to our existing security holders, we may enter into a standby underwriting agreement with dealers, acting as standby underwriters.
We may pay the standby underwriters a commitment fee for the securities they commit to purchase on a standby basis. If we do not
enter into a standby underwriting arrangement, we may retain a dealer-manager to manage a subscription rights offering for us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">Remarketing firms, agents, underwriters,
dealers and other persons may be entitled under agreements which they may enter into with us to indemnification by us against certain
civil liabilities, including liabilities under the Securities Act, and may be customers of, engage in transactions with or perform
services for us in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">If so indicated in the applicable prospectus
supplement, we will authorize underwriters or other persons acting as our agents to solicit offers by certain institutions to purchase
securities from us pursuant to delayed delivery contracts providing for payment and delivery on the date stated in the prospectus
supplement. Each contract will be for an amount not less than, and the aggregate amount of securities sold pursuant to such contracts
shall not be less nor more than, the respective amounts stated in the prospectus supplement. Institutions with whom the contracts,
when authorized, may be made include commercial and savings banks, insurance companies, pension funds, investment companies, educational
and charitable institutions and other institutions, but shall in all cases be subject to our approval. Delayed delivery contracts
will not be subject to any conditions except that:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 5%; padding-left: 0.25in; text-align: left; vertical-align: top"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="width: 95%">the purchase by an institution of the securities covered under that contract shall not at the time of delivery be prohibited under the laws of the jurisdiction to which that institution is subject; and</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-left: 0.25in; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-left: 0.25in; text-align: left; vertical-align: top"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD>if the securities are also being sold to underwriters acting as principals for their own account, the underwriters shall have purchased such securities not sold for delayed delivery. The underwriters and other persons acting as our agents will not have any responsibility in respect of the validity or performance of delayed delivery contracts.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">Certain agents, underwriters and dealers,
and their associates and affiliates may be customers of, have borrowing relationships with, engage in other transactions with,
and/or perform services, including investment banking services, for us or one or more of our respective affiliates in the ordinary
course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">In order to facilitate the offering
of the securities, any underwriters may engage in transactions that stabilize, maintain or otherwise affect the price of the securities
or any other securities the prices of which may be used to determine payments on such securities. Specifically, any underwriters
may overallot in connection with the offering, creating a short position for their own accounts. In addition, to cover overallotments
or to stabilize the price of the securities or of any such other securities, the underwriters may bid for, and purchase, the securities
or any such other securities in the open market. Finally, in any offering of the securities through a syndicate of underwriters,
the underwriting syndicate may reclaim selling concessions allowed to an underwriter or a dealer for distributing the securities
in the offering if the syndicate repurchases previously distributed securities in transactions to cover syndicate short positions,
in stabilization transactions or otherwise. Any of these activities may stabilize or maintain the market price of the securities
above independent market levels. Any such underwriters are not required to engage in these activities and may end any of these
activities at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">Under Rule 15c6-1 of the Exchange Act,
trades in the secondary market generally are required to settle in three business days, unless the parties to any such trade expressly
agree otherwise. The applicable prospectus supplement may provide that the original issue date for your securities may be more
than three scheduled business days after the trade date for your securities. Accordingly, in such a case, if you wish to trade
securities on any date prior to the third business day before the original issue date for your securities, you will be required,
by virtue of the fact that your securities initially are expected to settle more than three scheduled business days after the trade
date for your securities, to make alternative settlement arrangements to prevent a failed settlement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 17.25pt">The securities may be new issues of securities
and may have no established trading market. The securities may or may not be listed on a national securities exchange. We can make
no assurance as to the liquidity of or the existence of trading markets for any of the securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.3pt">In compliance with the guidelines of
the Financial Industry Regulatory Authority, or FINRA, the aggregate maximum discount, commission or agency fees or other items
constituting underwriting compensation to be received by any FINRA member or independent broker-dealer will not exceed 8% of the
proceeds from any offering pursuant to this prospectus and any applicable prospectus supplement.</P>

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

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><A NAME="a_016"></A>LEGAL MATTERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">Unless the applicable prospectus supplement
indicates otherwise, the validity of the securities in respect of which this prospectus is being delivered will be passed upon
by Covington &amp; Burling LLP.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><A NAME="a_017"></A>EXPERTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">Ernst &amp; Young, LLP, independent
registered accounting firm, has audited our consolidated financial statements included in our Annual Report on Form 10-K for the
year ended December 31, 2015, and the effectiveness of our internal control over financial reporting as of December 31, 2015 as
set forth in their reports, which are incorporated by reference in this prospectus and elsewhere in the registration statement.
Our financial statements are, and audited financial statements to be included in subsequently filed documents will be, incorporated
by reference in reliance on Ernst &amp; Young LLP&rsquo;s reports pertaining to such financial statements and the effectiveness of our
internal control over financial reporting as of the respective dates, given on their authority as experts in accounting and auditing.</P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 1in 0 0; text-align: center"><B>MACROGENICS, INC.</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>November 2, 2016</B></P>

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

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="width: 5%"><B>Item 14.</B></TD>
    <TD STYLE="width: 95%"><B>&nbsp;Other Expenses of Issuance and Distribution.</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 10pt 0 0">The following table sets forth the estimated fees and
expenses payable by the Company in connection with the registration of the securities registered hereby:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 83%; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 3%; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-bottom: 2pt; padding-left: 9pt; text-indent: -9pt">SEC registration fees</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt">$</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-bottom: 2pt; padding-left: 9pt; text-indent: -9pt">Trustee&rsquo;s and transfer agent&rsquo;s fees</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt; text-align: right">**</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-bottom: 2pt; padding-left: 9pt; text-indent: -9pt">Printing expenses</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt; text-align: right">**</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-bottom: 2pt; padding-left: 9pt; text-indent: -9pt">Legal fees and expenses</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt; text-align: right">**</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-bottom: 2pt; padding-left: 9pt; text-indent: -9pt">Accounting fees and expenses</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt; text-align: right">**</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-bottom: 2pt; padding-left: 9pt; text-indent: -9pt">Stock exchange listing fees</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt; text-align: right">**</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-bottom: 2pt; padding-left: 9pt; text-indent: -9pt">Rating agency fees</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt; text-align: right">**</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-bottom: 2pt; padding-left: 9pt; text-indent: -9pt">Miscellaneous</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt; text-align: right">**</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-bottom: 2pt; padding-left: 9pt; text-indent: -9pt">Total</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt">$</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt; text-align: right">**</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-top: 2pt; padding-bottom: 2pt">*</TD>
    <TD STYLE="width: 96%; padding-top: 2pt; padding-bottom: 2pt">The Registrant is registering an indeterminate amount of securities under this Registration Statement and in accordance with Rules 456(b) and 457(r) of the Securities Act, the Registrant is deferring payment of all of the registration fee.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">**</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">The applicable prospectus supplement will set forth the estimated aggregate amount of expenses payable in respect of any offering of securities.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><B>&nbsp;</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="width: 5%"><B>Item 15.</B></TD>
    <TD STYLE="width: 95%">&nbsp;<B>Indemnification of Directors and Officers.</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 17.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 17.25pt">Section 102 of the Delaware General
Corporation Law permits a corporation to eliminate the personal liability of its directors or its stockholders for monetary damages
for a breach of fiduciary duty as a director, except where the director breached his or her duty of loyalty, failed to act in good
faith, engaged in intentional misconduct or knowingly violated a law, authorized the payment of a dividend or approved a stock
repurchase in violation of Delaware corporate law or obtained an improper personal benefit. Our restated certificate of incorporation
provides that no director shall be personally liable to us or our stockholders for monetary damages for any breach of fiduciary
duty as a director, notwithstanding any provision of law imposing such liability, except to the extent that the Delaware General
Corporation Law prohibits the elimination or limitation of liability of directors for breaches of fiduciary duty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">Section 145 of the Delaware General
Corporation Law provides that a corporation has the power to indemnify a director, officer, employee or agent of the corporation
and certain other persons serving at the request of the corporation in related capacities against expenses (including attorneys&rsquo;
fees), judgments, fines and amounts paid in settlements actually and reasonably incurred by the person in connection with an action,
suit or proceeding to which he or she is or is threatened to be made a party by reason of such position, if such person acted in
good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation, and,
in any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful, except that, in the case
of actions brought by or in the right of the corporation, no indemnification shall be made with respect to any claim, issue or
matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the extent that the
Court of Chancery or other adjudicating court determines that, despite the adjudication of liability but in view of all of the
circumstances of the case, such person is fairly and reasonably entitled to indemnify for such expenses which the Court of Chancery
or such other court shall deem proper.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">Our restated certificate of incorporation
provides that we will indemnify each person who was or is a party or threatened to be made a party to any threatened, pending or
completed action, suit or proceeding whether civil, criminal, administrative or investigative (other than an action by or in the
right of us) by reason of the fact that he or she is or was, or has agreed to become, our director or officer, or is or was serving,
or has agreed to serve, at our request as a director, officer, partner, employee or trustee of, or in a similar capacity with,
another corporation, partnership, joint venture, trust or other enterprise (all such persons being referred to as an &ldquo;Indemnitee&rdquo;),
or by reason of any action alleged to have been taken or omitted in such capacity, against all expenses (including attorneys&rsquo; fees),
judgments, fines and amounts paid in settlement actually and reasonably incurred in connection with such action, suit or proceeding
and any appeal there from, if such Indemnitee acted in good faith and in a manner he or she reasonably believed to be in, or not
opposed to, our best interests, and, with respect to any criminal action or proceeding, he or she had no reasonable cause to believe
his or her conduct was unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.3pt">Our restated certificate of incorporation
also provides that we will indemnify any Indemnitee who was or is a party to an action or suit by or in the right of us to procure
a judgment in our favor by reason of the fact that the Indemnitee is or was, or has agreed to become, our director or officer,
or is or was serving, or has agreed to serve, at our request as a director, officer, partner, employee or trustee or, or in a similar
capacity with, another corporation, partnership, joint venture, trust or other enterprise, or by reason of any action alleged to
have been taken or omitted in such capacity, against all expenses (including attorneys&rsquo; fees) and, to the extent permitted by law,
amounts paid in settlement actually and reasonably incurred in connection with such action, suit or proceeding, and any appeal
therefrom, if the Indemnitee acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, our
best interests, except that no indemnification shall be made with respect to any claim, issue or matter as to which such person
shall have been adjudged to be liable to us, unless a court determines that, despite such adjudication but in view of all of the
circumstances, he or she is entitled to indemnification of such expenses. Notwithstanding the foregoing, to the extent that any
Indemnitee has been successful, on the merits or otherwise, he or she will be indemnified by us against all expenses (including
attorneys&rsquo; fees) actually and reasonably incurred by him or her or on his or her behalf in connection therewith. If we do not assume
the defense, expenses must be advanced to an Indemnitee under certain circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">We have entered into indemnification
agreements with our directors and executive officers. In general, these agreements provide that we will indemnify the director
or executive officer to the fullest extent permitted by law for claims arising in his or her capacity as a director or officer
of our company or in connection with their service at our request for another corporation or entity. The indemnification agreements
also provide for procedures that will apply in the event that a director or executive officer makes a claim for indemnification
and establish certain presumptions that are favorable to the director or executive officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">We maintain a general liability insurance
policy that covers certain liabilities of our directors and officers arising out of claims based on acts or omissions in their
capacities as directors or officers. In any underwriting agreement we enter into in connection with the sale of common stock being
registered hereby, the underwriters will agree to indemnify, under certain conditions, us, our directors, our officers and persons
who control us within the meaning of the Securities Act of 1933, as amended, against certain liabilities.</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="width: 5%"><B>Item 16.</B></TD>
    <TD STYLE="width: 95%">&nbsp;<B>Exhibits.</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 1pt">&nbsp;</FONT>The exhibits to
this Registration Statement are listed in the exhibit index, which appears elsewhere herein and is incorporated herein by reference.</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="width: 5%"><B>Item 17.</B></TD>
    <TD STYLE="width: 95%"><B>&nbsp;Undertakings.</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 17.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 17.25pt">The undersigned Registrant hereby undertakes:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 17.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 30pt">(a)(1)</TD>
    <TD STYLE="vertical-align: top">To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 47.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17.25pt">(i)</TD>
    <TD STYLE="vertical-align: top">to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;);</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 47.25pt">&nbsp;</TD>
    <TD STYLE="width: 17.25pt">(ii)</TD>
    <TD>to reflect in the prospectus any facts or events arising after the effective date of this registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 47.25pt">&nbsp;</TD>
    <TD STYLE="width: 17.25pt">(iii)</TD>
    <TD>to include any material information with respect to the plan of distribution not previously disclosed in this registration statement or any material change to such information in this registration statement;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><I>provided</I>, <I>however</I>, that paragraphs (a)(1)(i),
(a)(1)(ii) and (a)(1)(iii) do not apply if the information required to be included in a post-effective amendment by those paragraphs
is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of
the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), that are incorporated by reference in this registration
statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of this registration statement.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17.25pt">&nbsp;</TD>
    <TD STYLE="width: 30pt">(2)</TD>
    <TD>That, for the purposes of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at the time shall be deemed to be the initial <I>bona fide</I> offering thereof.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17.25pt">&nbsp;</TD>
    <TD STYLE="width: 30pt">(3)</TD>
    <TD>To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 17.25pt">&nbsp;</TD>
    <TD STYLE="width: 30pt">(4)</TD>
    <TD>That, for the purpose of determining liability under the Securities Act to any purchaser:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 47.25pt">&nbsp;</TD>
    <TD STYLE="width: 17.25pt">(i)</TD>
    <TD>each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 47.25pt">&nbsp;</TD>
    <TD STYLE="width: 17.25pt">(ii)</TD>
    <TD>each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof; <I>provided, however</I>, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17.25pt">&nbsp;</TD>
    <TD STYLE="width: 30pt">(5)</TD>
    <TD>That, for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 47.25pt">&nbsp;</TD>
    <TD STYLE="width: 17.25pt">(i)</TD>
    <TD>any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 47.25pt">&nbsp;</TD>
    <TD STYLE="width: 17.25pt">(ii)</TD>
    <TD>any free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrant;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 47.25pt">&nbsp;</TD>
    <TD STYLE="width: 17.25pt">(iii)</TD>
    <TD>the portion of any other free writing prospectus relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 47.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17.25pt">(iv)</TD>
    <TD STYLE="vertical-align: top">any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17.25pt">&nbsp;</TD>
    <TD STYLE="width: 30pt">(b)</TD>
    <TD>The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant&rsquo;s annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17.25pt">&nbsp;</TD>
    <TD STYLE="width: 30pt">(c)</TD>
    <TD>The undersigned Registrant hereby undertake to file an application for the purpose of determining the eligibility of the trustee to act under subsection (a) of Section 310 of the Trust Indenture Act in accordance with the rules and regulations prescribed by the Commission under Section 305(b)(2) of the Trust Indenture Act.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17.25pt">&nbsp;</TD>
    <TD STYLE="width: 30pt">(d)</TD>
    <TD>Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the indemnification provisions described herein, or otherwise, the Registrant has been advised that in the opinion of the Commission, such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 17.25pt">Pursuant to the requirements of the
Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the city of Rockville, State of Maryland, on November 2, 2016. &nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 90%">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="5"><B>MACROGENICS, INC.</B></TD></TR>
<TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD>By:</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-decoration: underline"><U>/s/ Scott Koenig, M.D., Ph.D.</U></TD></TR>
<TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>&nbsp;</TD>
    <TD>Scott Koenig, M.D., Ph.D.</TD></TR>
<TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>&nbsp;</TD>
    <TD>President and Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><B>SIGNATURES AND POWER OF ATTORNEY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 17.3pt">We, the undersigned officers and directors
of MacroGenics, Inc. constitute and appoint Scott Koenig, M.D., Ph.D., James Karrels and Atul Saran and each of them, his true
and lawful attorney-in-fact and agent, each with full power of substitution and resubstitution, for him and in his name, place
and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration
statement, and to file the same, with exhibits thereto, and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each
and every act and thing requisite or necessary to be done in connection therewith, as fully to all intents and purposes as he might
or could do in person, hereby ratifying and confirming all that each of said attorneys-in-fact and agents, or his substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 17.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 17.3pt">Pursuant to the requirements of the Securities
Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates
indicated. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 17.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 17.3pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 22%">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="text-align: center"><U>Signature</U></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><U>Title</U></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><U>Date</U></TD></TR>
<TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Scott&nbsp;&nbsp;Koenig, M.D., Ph.D.&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">President and CEO and Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">November 2, 2016</TD></TR>
<TR STYLE="background-color: white">
    <TD>Scott Koenig, M.D., Ph.D.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">(Principal Executive Officer)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ James Karrels</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Senior Vice President, Chief Financial Officer and </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">November 2, 2016</TD></TR>
<TR STYLE="background-color: white">
    <TD>James Karrels</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Secretary (Principal Financial Officer)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Lynn Cilinski </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Vice President, Controller and Treasurer </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">November 2, 2016</TD></TR>
<TR STYLE="background-color: white">
    <TD>Lynn Cilinski</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">(Principal Accounting Officer)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD>&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: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Paulo Costa&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">November 2, 2016</TD></TR>
<TR STYLE="background-color: white">
    <TD>Paulo Costa</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD>&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: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Matthew Fust</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">November 2, 2016</TD></TR>
<TR STYLE="background-color: white">
    <TD>Matthew Fust</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD>&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: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Kenneth Galbraith&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">November 2, 2016</TD></TR>
<TR STYLE="background-color: white">
    <TD>Kenneth Galbraith</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD>&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: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Edward Hurwitz&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">November 2, 2016</TD></TR>
<TR STYLE="background-color: white">
    <TD>Edward Hurwitz</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD>&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: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ David Stump, M.D.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">November 2, 2016</TD></TR>
<TR STYLE="background-color: white">
    <TD>David Stump, M.D.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 17.25pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 17.25pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 17.25pt"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 17.25pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="width: 5%; border-bottom: black 1pt solid; text-align: left; vertical-align: bottom"><B>Exhibit No.</B>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 95%; border-bottom: black 1pt solid; text-align: left; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Description</B></P></TD></TR>
<TR STYLE="background-color: white">
    <TD>1.1*</TD>
    <TD>Form of Underwriting Agreement</TD></TR>
<TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">3.1</TD>
    <TD>Restated Certificate of Incorporation of the Company and Certificate of Correction to the Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibits 3.1 and 3.3, respectively, to the Company&rsquo;s Current Report on Form 8-K filed on October 18, 2013)</TD></TR>
<TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">3.2</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Amended and Restated By-Laws of the Company (incorporated by reference
        to Exhibit 3.4 to the Registration Statement on Form S-1 (File No. 333-190994) filed by the Company on October 1, 2013)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">4.1</TD>
    <TD>Form of Senior Indenture (incorporated by reference to Exhibit 4.1 to the Registration Statement on Form S-3 (File No. 333-200092) filed by the Company on November 12, 2014)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">4.2</TD>
    <TD>Form of Subordinated Indenture&nbsp;&nbsp;(incorporated by reference to Exhibit 4.2 to the Registration Statement on Form S-3 (File No. 333-200092) filed by the Company on November 12, 2014)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">4.3</TD>
    <TD>Form of Senior Note&nbsp;&nbsp;(incorporated by reference to Exhibit 4.3 to the Registration Statement on Form S-3 (File No. 333-200092) filed by the Company on November 12, 2014)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">4.4</TD>
    <TD>Form of Subordinated Note&nbsp;&nbsp;(incorporated by reference to Exhibit 4.4 to the Registration Statement on Form S-3 (File No. 333-200092) filed by the Company on November 12, 2014)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">4.5*</TD>
    <TD>Form of Warrant Agreement</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">5.1</TD>
    <TD>Opinion of Covington &amp; Burling LLP</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">12.1*</TD>
    <TD>Calculation of Consolidated Ratios of Earnings to Fixed Charges</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">23.1</TD>
    <TD>Consent of Ernst &amp; Young LLP, independent registered public accounting firm for the Registrant</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">23.2</TD>
    <TD>Consent of Covington &amp; Burling LLP (included in Exhibit 5.1)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">24.1</TD>
    <TD>Powers of Attorney (included in the signature pages to the Registration Statement)</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">25.1**</TD>
    <TD>The Statement of Eligibility on Form T-1 under the Trust Indenture Act of 1939, as amended, of the Trustee under the Senior Indenture</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">25.2**</TD>
    <TD>The Statement of Eligibility on Form T-1 under the Trust Indenture Act of 1939, as amended, of the Trustee under the Subordinated Indenture</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">*</TD>
    <TD STYLE="width: 95%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">To be filed by amendment or as an exhibit to a document to be incorporated
        by reference herein in connection with an offering of the offered securities.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="background-color: white">
    <TD>**</TD>
    <TD>To be filed pursuant to Section 305(b)(2) of the Trust Indenture Act of 1939.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>e00575_ex5-1.htm
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>EXHIBIT 5.1</B></P>

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%; font: 10pt Times New Roman, Times, Serif; text-align: justify"><IMG SRC="image_002.jpg" ALT="Adobe Systems" STYLE="height: 68px; width: 209px"></TD>
    <TD STYLE="width: 35%; font: 10pt Times New Roman, Times, Serif; text-align: justify"><IMG SRC="image_003.jpg" ALT="Adobe Systems" STYLE="height: 68px; width: 159px"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">November 2, 2016</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">9704 Medical Center Drive</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Rockville, MD 20850</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">We have acted as counsel
to MacroGenics Inc., a Delaware corporation (the &ldquo;<I>Company</I>&rdquo;), in connection with the registration by the Company
under the Securities Act of 1933 (the &ldquo;<I>Act</I>&rdquo;) of an unlimited amount of (i) one or more series of debt securities
of the Company (the &ldquo;<I>Debt Securities</I>&rdquo;), (ii) shares of the Company&rsquo;s common stock, par value $0.01 per
share (the &ldquo;<I>Common Stock</I>&rdquo;), (iii) shares of the Company&rsquo;s preferred stock, par value $0.01 per share (the
&ldquo;<I>Preferred Stock</I>&rdquo;), (iv) the Company&rsquo;s warrants (the &ldquo;<I>Warrants</I>&rdquo;) to purchase Common
Stock, Preferred Stock or Debt Securities and (v) the Company&rsquo;s units, comprised of one or more of the Common Stock, Preferred
Stock, Debt Securities or Warrants in any combination (the &ldquo;<I>Units</I>&rdquo; and, together with the Debt Securities, the
Common Stock, the Preferred Stock and the Warrants, the &ldquo;<I>Covered Securities</I>&rdquo;), pursuant to the registration
statement on Form S-3 filed with the Securities and Exchange Commission (the &ldquo;<I>Commission</I>&rdquo;) on the date hereof
(such registration statement, as amended to the date hereof, is herein referred to as the &ldquo;<I>Registration Statement</I>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">We have reviewed such corporate
records, certificates and other documents, and such questions of law, as we have considered necessary or appropriate for the purposes
of this opinion. We have assumed that all signatures are genuine, that all documents submitted to us as originals are authentic
and that all copies of documents submitted to us conform to the originals.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">We have assumed that, at
the time of the issuance, sale and delivery of each series of Debt Securities, each issue of Common Stock, each issue of Preferred
Stock, each issue of Warrants and each issue of Units, as the case may be: (i) the execution, delivery and performance by the Company
of any indenture supplement, deposit agreement, warrant agreement, unit agreement, amendment to the certificate of incorporation
or other relevant governing instrument (collectively, the &ldquo;<I>Opinion Documents</I>&rdquo;) and all actions necessary for
the issuance of the Covered Securities, and the form and terms thereof, will comply with all requirements and restrictions, if
any, applicable to the Company, whether imposed by any agreement or instrument to which the Company is a party or by which it is
bound or any court or other governmental or regulatory body having jurisdiction over the Company and (ii) the authorization thereof
by the Company will not have been modified or rescinded, and there will not have occurred any change in law affecting the validity,
binding character or enforceability thereof. We have assumed further that the Opinion Documents (other than any amendment to the
certificate of incorporation) will be governed by and construed in accordance with the laws of the State of New York. With respect
to any Opinion Document executed or to be executed by any party other than the Company, we have assumed that such party has, or
will have, duly authorized, executed and delivered the Opinion Documents to which it is a party and that each such Opinion Document
is, or will be, the valid and binding obligation of such party, enforceable against it in accordance with its terms.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">November 2, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 2</P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">We have relied as to certain
matters on information obtained from public officials, officers of the Company and other sources believed by us to be responsible.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Based on the foregoing and
subject to the qualifications set forth herein, we are of the opinion that, when, as and if:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify">With respect to the Debt Securities: (i)&nbsp;the Registration Statement and any required post-effective
amendments thereto have all become effective under the Act and all prospectus supplements required by applicable law have been
delivered and filed as required by such laws, (ii)&nbsp;an indenture in the form of Exhibit 4.1 or Exhibit 4.2 to the Registration
Statement has been duly executed and delivered on behalf of the Company and a trustee qualified to act as such under applicable
law and such indenture has been qualified under the Trust Indenture Act of 1939, as amended, (iii) all necessary corporate action
has been taken by the Company to authorize, execute, and deliver any necessary indenture supplement and to authorize the form,
terms, execution and delivery of any Debt Securities, (iv)&nbsp;any legally required consents, approvals, authorizations and other
orders of the Commission and any other regulatory authorities have been obtained and (v)&nbsp;such Debt Securities have been duly
executed by the Company and authenticated by a trustee in accordance with the applicable indenture, or any applicable indenture
supplement, and have been duly issued and delivered against payment therefor in accordance with such corporate action and applicable
law and as contemplated in the Registration Statement and the prospectus supplement setting forth the terms of the Debt Securities
and the plan of distribution, then, upon the happening of such events, such Debt Securities (including any Debt Securities to be
issued by the Company upon the conversion or exercise of other Covered Securities issued by the Company pursuant to the Registration
Statement) will constitute the valid and binding obligations of the Company, enforceable against the Company in accordance with
their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws of general applicability
relating to or affecting creditors&rsquo; rights and to general equity principles.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 76.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 76.5pt; text-align: justify"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">November 2, 2016</P>

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

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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify">With respect to shares of the Common Stock: (i) the Registration Statement and any required post-effective
amendments thereto have all become effective under the Act and all prospectus supplements required by applicable law have been
delivered and filed as required by such laws, (ii) all necessary corporate action has been taken by the Company to authorize the
issuance and sale of the shares of Common Stock and fix or otherwise determine the consideration to be received for the shares
of Common Stock, (iii) any legally required consents, approvals, authorizations and other orders of the Commission and other regulatory
authorities have been obtained and (iv) the shares of Common Stock with terms so fixed have been duly issued and sold by the Company
against payment therefore in accordance with such corporate action and applicable law and as contemplated in the Registration Statement
and the prospectus supplement setting forth the terms of such shares of Common Stock and the plan of distribution, and assuming
(x) at the time of issuance of such shares of Common Stock the Company has a sufficient number of authorized but unissued shares
of Common Stock under its certificate of incorporation and (y) such Common Stock as issued and delivered complies with all requirements
and restrictions, if any, applicable to the Company, whether imposed by any agreement or instrument to which the Company is a party
or by which it is bound or any court or governmental or regulatory body having jurisdiction over the Company or otherwise, then,
upon the happening of such events, such shares of Common Stock will be duly authorized and validly issued and will be fully paid
and non-assessable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 76.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 18pt">3.</TD><TD STYLE="text-align: justify">With respect to shares of the Preferred Stock: (i) the Registration Statement and any required
post-effective amendments thereto have all become effective under the Act and all prospectus supplements required by applicable
law have been delivered and filed as required by such laws, (ii) all necessary corporate action has been taken by the Company to
establish the rights, preferences and privileges of, and limitations on, any series of the Preferred Stock and to authorize the
issuance and sale of the Preferred Stock of such series and fix or otherwise determine the consideration to be received for the
Preferred Stock of such series, (iii) any legally required consents, approvals, authorizations and other orders of the Commission
and other regulatory authorities have been obtained, (iv) an appropriate certificate of designations with respect to such series
of Preferred Stock has been duly filed in accordance with applicable law and (v) the shares of Preferred Stock with terms so fixed
have been duly issued and sold by the Company against payment therefore in accordance with such corporate action and applicable
law and as contemplated in the Registration Statement and the prospectus supplement setting forth the terms of such shares of Preferred
Stock of such series and the plan of distribution, and assuming (x) at the time of issuance of such Preferred Stock of such series
the Company has a sufficient number of authorized but unissued shares of Preferred Stock of such series under its certificate of
incorporation and (y) the shares of Preferred Stock of such series as issued and delivered comply with all requirements and restrictions,
if any, applicable to the Company, whether imposed by any agreement or instrument to which the Company is a party or by which it
is bound or any court or governmental or regulatory body having jurisdiction over the Company or otherwise, then, upon the happening
of such events, such shares of Preferred Stock will be duly authorized and validly issued and will be fully paid and non-assessable.</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 3 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">November 2, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 4</P>

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



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 18pt">4.</TD><TD STYLE="text-align: justify">With respect to the Warrants: (i)&nbsp;the Registration Statement and any required post-effective
amendments thereto all have become effective under the Act and all prospectus supplements required by applicable law have been
delivered and filed as required by such laws, (ii) &nbsp;all necessary corporate action has been taken by the Company to authorize,
execute, and deliver a warrant agreement and to authorize the form, terms, execution and delivery of any Warrants and to fix or
otherwise determine the consideration to be received for the Warrants, (iii)&nbsp;any legally required consents, approvals, authorizations
and other orders of the Commission and any other regulatory authorities have been obtained, (iv)&nbsp;any shares of Common Stock
or Preferred Stock or any Debt Securities purchasable upon exercise of such Warrants, as applicable, have been duly and validly
authorized and reserved for issuance and sale and (v) the Warrants have been duly executed and sold by the Company against payment
therefor in accordance with any applicable warrant agreement, and in accordance with such corporate action and applicable law and
as contemplated in the Registration Statement and the prospectus supplement setting forth the terms of the Warrants and the plan
of distribution, then, upon the happening of such events, the Warrants will constitute the valid and binding obligations of the
Company, enforceable against the Company in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and other laws of general applicability relating to or affecting creditors&rsquo; rights and to general
equity principles.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 76.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 18pt">5.</TD><TD STYLE="text-align: justify">With respect to the Units: (i)&nbsp;the Registration Statement and any required post-effective
amendments thereto have all become effective under the Act and all prospectus supplements required by applicable law have been
delivered and filed as required by such laws, (ii) all necessary corporate action has been taken by the Company to authorize, execute,
and deliver a unit agreement and to authorize the form, terms, execution and delivery of any Units, (iii)&nbsp;any legally required
consents, approvals, authorizations and other orders of the Commission and any other regulatory authorities have been obtained,
(iv)&nbsp;any shares of Common Stock, shares of Preferred Stock, Warrants or Debt Securities to be issued pursuant to such Units
have been duly and validly authorized and reserved for issuance and sale and (v) the Units have been duly executed and sold by
the Company against payment therefor in accordance with any applicable unit agreement, and in accordance with such corporate action
and applicable law and as contemplated in the Registration Statement and the prospectus supplement setting forth the terms of the
Units and the plan of distribution, then, upon the happening of such events, the Units will constitute the valid and binding obligations
of the Company, enforceable against the Company in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and other laws of general applicability relating to or affecting creditors&rsquo; rights and to general
equity principles.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 58.5pt"></P>

<!-- Field: Page; Sequence: 4 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">MacroGenics Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">November 2, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 5</P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 58.5pt">Our opinions above are
qualified to the extent that the enforcement of any Covered Securities denominated in a currency other than United States dollars
may be limited by requirements that a claim (or a foreign currency judgment in respect of such claim) be converted into United
States dollars at a rate of exchange prevailing on a date determined pursuant to applicable law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 58.5pt">We express no opinion
as to: (i) waivers of defenses, subrogation and related rights, rights to trial by jury, rights to object to venue, or other rights
or benefits bestowed by operation of law, (ii) releases or waivers of unmatured claims or rights, (iii) indemnification, contribution,
exculpation, or arbitration provisions, or provisions for the non-survival of representations, to the extent they purport to indemnify
any party against, or release or limit any party&rsquo;s liability for, its own breach or failure to comply with statutory obligations,
or to the extent such provisions are contrary to public policy or (iv) provisions for liquidated damages and penalties, penalty
interest and interest on interest.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 58.5pt">We are members of the
bar of the State of New York. We do not express any opinion herein on any laws other than the laws
of the State of New York, the Delaware General Corporation Law and applicable provisions of the Delaware Constitution and reported
judicial decisions interpreting these laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 58.5pt">We hereby consent to the
filing of this opinion as Exhibit 5.1 to the Registration Statement. We also hereby consent to the reference to our firm under
the heading &ldquo;Legal Matters&rdquo; in the prospectus constituting part of the Registration Statement<FONT STYLE="color: #000033">.
</FONT>In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section
7 of the Act.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 45%">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>/s/ Covington &amp; Burling LLP</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>e00575_ex23-1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>EXHIBIT 23.1</B></P>

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We consent to the reference to our firm
under the caption &ldquo;Experts&rdquo; in this Registration Statement (Form S-3) and related Prospectus of MacroGenics, Inc. for
the registration of common stock, preferred stock, units, warrants, and debt securities and to the incorporation by reference therein
of our reports dated February 29, 2016, with respect to the consolidated financial statements of MacroGenics, Inc., and the effectiveness
of internal control over financial reporting MacroGenics, Inc., included in its Annual Report (Form 10-K) for the year ended December
31, 2015, filed with the Securities and Exchange Commission.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right">/s/ Ernst &amp; Young LLP</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">November 2, 2016</P>

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

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

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    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

</BODY>
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